NAA: Upholds profiteering against ‘Phillips’, commensurate reduction in prices a legal requirement to pass benefit of ITC

NAA upholds profiteering allegation in respect of sale of “Food Processor” while clarifying that “Basic Price after discount (excluding duties) is the correct amount which should be taken into consideration”; Elucidating that MRP pre-GST and post-GST MRP remained same, holds that “the legal requirement is abundantly clear that in the event of a benefit of Input Tax Credit or reduction in the rate of tax, there must be a commensurate reduction in price...