Eye Share : Anti- Profiteering Law – A big setback for the Construction Industry

National Anti-Profiteering Authority (NAA) recently in case of Pyramid Infratech Pvt. Ltd. [TS-455-NAA-2018-NT] found a case of profiteering u/s 171 of CGST Act, 2017 by a builder observing that benefit of ITC was not passed on to applicant in respect of flats constructed under ‘Affordable Housing Scheme’. NAA observed that though rationalization of tax did not result in tax rate reduction, however, benefit of ITC was extended to all goods and services...