The Ministry of Finance (MoF) on September 30, 2024, notified regarding the input tax credits availed by any registered person.
The following has been stated:
• It has empowered the Principal Bench of the Appellate Tribunal, constituted under sub-section (3) of section 109 of the said Act, to examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered person.
This notification will come into force from October 01, 2024.
[Notification No S.O. 4268(E)]
