Over three-fourth of those orders deal with complaints against real estate developers, while movie halls and food outlets accounted for the rest. The law only mandates an immediate and commensurate reduction in price after the tax rate cut. It does not disallow subsequent price increases and there is no lock-in period for holding the reduced price after a tax rate cut announcement. The tax rate on movie tickets was reduced from 28% to 18% with effect from 1 January, 2019. In some cases, CCI asked the real estate company to pay interest on the profiteered amount which has been returned.

Source: Mint February 15, 2024 07:49 UTC