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;
(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, 83 Inserted vide Notification No. 14/2018-CT, dated 23.03.2018 84 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.” 85 Inserted vide Notification No. 14/2018-CT, dated 23.03.2018 86 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.” 87 Substituted for the word “Safeguards” vide notification 29/2018-Central Tax, dated 06.07.2018 [w.e.f
12.06.2018].
88 Substituted vide Notification No. 14/2018-CT, dated 23.03.2018 for “The Additional Director General of Safeguards under the Board shall be the Secretary to the Authority.” 98
(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] 89 of the close of each quarter.]
90