It shall be the duty of the Authority,-
(i) to determine whether any reduction in the rate of tax on any supply of goods or services or the benefit of input tax credit has been passed on to the recipient by way of commensurate reduction in prices;
195 Inserted vide Notification No. 14/2018-CT dt. 23.03.2018 196 Substituted vide Notf no. 55/2017-CT dt. 15.11.2017 for ―Provided further that upon the recommendations of the Council and subject to an opportunity of being heard, the Central Government may terminate the appointment of the Chairman at any time.‖ 197 Inserted vide Notification No. 14/2018-CT dt.23.03.2018 198 Substituted vide Notf no. 55/2017-CT dt. 15.11.2017 for ―Provided further that upon the recommendations of the Council and subject to an opportunity of being heard, the Central Government may terminate the appointment of the Technical Member at any time.‖ 199 Substituted for the word ―Safeguards‖ vide Notf no. 29/2018-CT dt. 06.07.2018 [w.e.f 12.06.2018] 200 Substituted vide Notf no. 14/2018-CT dt.23.03.2018 for ―The Additional Director General of Safeguards under the Board shall be the Secretary to the Authority.‖ Page 119 of 155
(ii) to identify the registered person who has not passed on the benefit of reduction in the rate of tax on supply of goods or services or the benefit of input tax credit to the recipient by way of commensurate reduction in prices;
(iii) to order,
(a) reduction in prices;
(b) return to the recipient, an amount equivalent to the amount not passed on by way of commensurate reduction in prices along with interest at the rate of eighteen percent. from the date of collection of the higher amount till the date of the return of such amount or recovery of the amount not returned, as the case may be, in case the eligible person does not claim return of the amount or is not identifiable, and depositing the same in the Fund referred to in section 57;
(c) imposition of penalty as specified in the Act; and
(d) cancellation of registration under the Act.
[(iv) to furnish a performance report to the Council by the tenth [day]201 of the close of each quarter.]202