Amendment status not verified — confirm the current text below against the official source.
The omount of tox, interest, penolty, fine or ony other sum poyoble, ond the omount of refund or ony other sum Rounding off d tox etc. tll due, under tre provisions of this Act sholl be rounded off to the neorest rupee ond for this purpose, where such omount contoins o port of o rupee consisting of poise, then, if such port is fifty poise or morq it sholl be increosed to one rupee ond if such port is less thon fifty poise it sholl be ignored. I 7 I . ( 1 ) Any redudion in rote of tox on ony supply ol goods or seryices or the benelit ol input tox credit sholl be possed on to the recipient by woy of commen- surote reduction in prices. (2) The Centol Crovemrnent rncry, on recommendotions ol lhe Council, by notificotion, constitute on Authority, or empower on exisling Authority conslih:ted under ony low for the time being in force, to exomine whether input tox credits ovoiled by ony registered person or the redudion in the tox rote hove octuolly resulted in o commensurote reduction in the price of lhe goods or services or both supplied by him. (3) TheAuthority referred to in sub section (2) sholl exercise such powers ond dischorge such functions os moy be prescribed.