Amendment status not verified — confirm the current text below against the official source.
The amount of Tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, Rounding off under the provisions of this Act shall be rounded off to of tax etc. the nearest rupee and, for the purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored. 171.(1) Any reduction in rate of tax on any supply of goods or services or the nefit of input tax credit shall be passed on to the recipient byway of commensurate reduction in prices. Anti- profiteering Measure (2) The Central Go'ernment may, recommendations of the Council, by notification, constitute an Authority, or empower an existing Authority 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 supplied by him. (3) The Authority referred to in sub-section (2) shall exercise such powers and discharge such functions as may be prescribed. 172.(1) If any difficulty arises in giving effect to any provisions of this Act, the Government may, on the recommendations of the Removal of council, by a general or a special order published in the difficulties Official Gazette, make such provisions not inconsistent with the provisions of this Act or the rules or regulations made thereunder as may be necessary or expedient for the purpose of removing the said difficulty: 542 Provided that no such order shall be made after the expiry of a period of three years from the date of commencement of this Act. (2) Every order made under this section shall be laid, as soon as may be, after it is made, before the State Legislature.