NAA: Discount to home-buyers during slow-down not construable as passing ITC benefit, upholds profiteering

National Anti-Profiteering Authority (NAA) holds a builder guilty of profiteering u/s 171(1) of CGST Act, 2017 to the tune of Rs. 3.69 crores (approx.) for not passing benefit of additional ITC to the tune of 2.42% (4.48% - 2.06%) considering ratio of ITC to turnover post-GST and pre-GST; Finds that a typical entry made on account of discount which Respondent has to offer to buyers due to slump in the market cannot be construed to have been made on account of passing on ITC b...