NAA: Raps builder for profiteering, not passing additional ITC benefit to home buyers

NAA holds real estate project owner guilty of profiteering by not passing on the benefit of additional ITC to the Flat Buyers for the period from July 01, 2017 to August 31, 2018 and thus holds that it violated provisions of Section 171(1) of the CGST Act, however drops penalty proceedings; Notes that DGAP had conducted an investigation and found that the Respondent had not passed on the benefit of ITC amounting to over Rs. 5 Cr. to the home buyers who had purchased flats in ...