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Glossary / Also known as

Section 171 of the CGST Act

Another name for Anti-Profiteering.

Other names
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What does section 171 of the CGST Act mean?

Section 171 of the CGST Act is another name for Anti-Profiteering. Anti-profiteering under GST requires businesses to pass on the benefit of tax rate reductions or increased ITC to consumers through proportionate price reductions.

The two names mean the same thing. You will see "section 171 of the CGST Act" in some ledgers, reports and contracts and "Anti-Profiteering" in others. The full entry covers how it works, with examples.

Read the full definition of Anti-Profiteering

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From the glossary

Related terms.

GST basics Anti-Profiteering Anti-profiteering under GST requires businesses to pass on the benefit of tax rate reductions or increased ITC to consumers through proportionate price reductions. Also called anti-profiteering provisions, section 171 of the CGST Act GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax Input tax credit Input Tax Credit (ITC) A mechanism that allows businesses to claim credit for GST paid on purchases and expenses, reducing their overall output tax liability. Also called input credit, GST input credit, input tax credit under GST GST basics GST Council The GST Council is India's constitutional body comprising Union and State finance ministers that makes recommendations on GST rates, rules, exemptions, and administrative procedures. Also called Goods and Services Tax Council GST basics GST Registration GST registration is the process by which a business obtains a unique GSTIN from the GST portal, making it a registered taxable person under India's Goods and Services Tax law. Also called GSTIN registration, GST enrolment, Form GST REG-01 GST basics HSN Code (Harmonized System of Nomenclature) An internationally standardized numerical code used to classify goods for taxation and trade purposes under India's GST system. Also called HSN, harmonised system code, HS code
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