NAA: Builder guilty of profiteering, for not passing additional ITC benefit to buyers

NAA upholds allegations of profiteering to the tune of Rs. 1.9 Crores (approx.) in respect of the purchase of flats in Respondent’s (Builder engaged in service of construction of affordable housing) project; Holds that the Respondent benefitted from the additional ITC to the extent of 2.67% of the turnover during the period from July 2017 to December 2018 and hence contravened section 171 of the CGST Act by not passing on the benefit of ITC to his customers; Considering tha...