NAA : Upholds profiteering allegation against developer for not passing additional ITC benefit

National Anti-Profiteering Authority (NAA) upholds a case of profiteering u/s section 171 of CGST Act 2017 against a developer observing that he failed to pass on the additional benefit of ITC to applicant and other flat buyers; Notes that the ratio of ITC to the taxable turnover which was available to the Respondent pre-GST was 0.27% whereas after July 01, 2017 was 3.31%, therefore concludes that Respondent has availed additional ITC of 3.04% post implementation of GST; Note...