NAA: Upholds profiteering; Directs builder to reduce flat price commensurate with ITC benefit

NAA upholds a case of profiteering against Builder or not passing benefit of additional ITC of 8.28% (10.70% - 2.42%) of his turnover accrued in post-GST period to flat buyers while determining the amount at Rs. 4,35,53,927 (inclusive of applicable GST @12% or 8%) for 1075 residential units; Elucidates that Respondent was eligible to avail VAT credit paid on purchase of inputs and not eligible to avail credit of Central Excise Duty paid on inputs or Service Tax paid on input ...