Amendment status not verified — confirm the current text below against the official source.
(1) Any reduction in rate of tax on any supply of goodsor services or the benefit of input tax credit shall be passed on to the recipient byway of commensurate reduction in prices. (2) The Central Government may on recommendations of the Council, by notification, constitute an Authority, or em?wer an existing A?ority constituted under any law for the time being in force, 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 suppliedby him. (3) The Authorityreferred to in sub-section (2) shall exercise such powers an? discharge such functions as may be prescribed. J_,: