📢 Update: Supreme Court Examines Anti-Profiteering Norms In a significant development, the Supreme Court has issued notices to the Union Finance Ministry, the CBIC, the GST Council, and the National Anti-Profiteering Authority (now part of the Competition Commission of India).

The court is seeking responses on the constitutional validity of the anti-profiteering norms under the Goods and Services Tax (GST) system.

This move comes in response to petitions filed by real estate firms Swati Realty and Manas Developers. These firms are challenging a Delhi High Court verdict that upheld the constitutional validity of anti-profiteering provisions.

The firms argue that the High Court failed to appreciate the impugned provisions under the GST system, which they claim are unconstitutional.

The Delhi High Court had earlier decided on the constitutional validity of the anti-profiteering provisions and had held such provisions to be constitutionally valid.

However, the court also noted that the methodology used by the National Anti-Profiteering Authority with respect to the input tax credit ratios for the erstwhile period and the GST period appears to be inappropriate, particularly for the real estate sector.

This case highlights the ongoing challenges and complexities businesses face under the GST system. Stay tuned for more updates as this case unfolds. #GST #SupremeCourt #TaxLaw