Case Law Details
Case Name : Sh. Kumar Gandhary Vs. KRBL Limited (National Anti-Profiteering Authority)
Related Assessment Year :
Courts :
National Anti-Profiteering Authority
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Sh. Kumar Gandhary Vs. KRBL Limited (National Anti-Profiteering Authority)
We have carefully heard the Respondent and also perused the material placed on the record and it is revealed that the “India Gate Basmati Rice” sold by the Respondent was not liable for tax before the implementation of the GST and after coming into force of the CGST Act, 2017 it was levied GST @ 5% w.e.f. 22.09.2017. The Respondent was also made eligible to avail ITC w.e.f. the above date. However, the ITC claimed by the Respondent was not sufficient to meet his output tax liability and he had to pay the bal...
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While the increase of MRP due to increase in the price of paddy is understandable, ITC credit of 2.89-3% should have enabled reduction of MRP. Output Tax at 5% being higher than ITC credit of 2.89-3% does not justify MRP increase. It is only a cash effect and at the most, the MRP could have been increased by the cost of capital for funding the GST Outflow of 2-2.11%. Am I missing something here?