Anti-profiteering clause Sample Clauses
An anti-profiteering clause is designed to prevent parties from making undue or excessive profits as a result of changes in law, regulation, or tax, such as the introduction of a new tax regime. Typically, this clause requires that any cost savings or benefits arising from such changes—like a reduction in tax rates—must be passed on to the other party, often the customer, rather than retained by the supplier or contractor. Its core practical function is to ensure fairness and transparency in commercial transactions by preventing one party from unfairly benefiting at the expense of the other due to regulatory changes.
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Anti-profiteering clause. GST Act anti-profiteering provisions mandates that any reduction in tax rates or benefits of input tax credits be passed on to the consumer by way of commensurate reduction in prices. Vendors to take note of the same and pass such benefits while quoting their price.
Anti-profiteering clause. As per Clause 171 of GST Act it is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer by way of commensurate reduction in prices. The Supplier of Goods / Services may note the above and quote their prices accordingly.
Anti-profiteering clause. Any reduction in rate of tax on the supply of goods or services or the benefit of input tax credit or any other benefit accrued in consequence of provisions under GST or any other applicable laws shall be passed on to the COMPANY by way of commensurate reduction in prices.
Anti-profiteering clause. As per Clause 171 of GST Act it is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer by way of commensurate reduction in prices. The Supplier of Goods / Services may note the above and quote their prices accordingly. In case the GST rating of vendor on the GST portal / Govt. official website is negative / black listed, then the bids may be rejected by GGPL. Further, in case rating of bidder is negative / black listed after award of work for supply of goods / services, then GGPL shall not be obligated or liable to pay or reimburse GST to such vendor and shall also be entitled to deduct / recover such GST along with all penalties / interest, if any, incurred by GGPL.