Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 17i, after sub-section (3), the following new sub-section shall be inserted, namely:- section 171 "(3A) Where the Authority referred to in sub-section {2), after holding examination as required under the said sub-section comes to the conclusion that any registered person has profiteered under sub-section ( 1 ), such person shall be liable to pay penalty equivalent to ten percent of the amount so profiteered: Provided that no penalty shall be leviable if the profiteered amount is deposited within thirty days of the date of passing of the order by the Authority. Explanation.- For the purposes of this section, the expression "profiteered" shall mean the mount detennined on account of not passing the benefit of reduction in rate of tax on supply of goods or services or both or the benefit of input tax credit to the recipient by way of .commensurate reduction in the price of the goods or services or both.''. S.M. BUZAR BARUAH, Commissioner & Secretary to the Government of Assam, Legislative Department, .Dispur, Guwahati-6. Guwahati : Printed and Published by the Dy. Director, Directorate of Printing & Stationery, Assam, Guwahati-21. Extraordinary Gazette No. 1031-300 + 10-30- 12-2019. (visit at- dpns.assam.gov.in)