NAA: ‘Mathematical methodology’ cannot be a set formulae, upholds profiteering claim for non-passing additional ITC benefit post-GST

NAA upholds profiteering u/s 171 of the CGST Act while holding that additional ITC of 4.77% totalling to Rs. 2.69 Crore (approx.) of the turnover should have been passed on to the buyers in terms of reduction in the prices of the flats; Reiterates that “mathematical methodology cannot be a set formulae but depended on various parameters and facts of each case” while adding that “there is adequate machinery to enforce the anti-profiteering provisions”; Observes that ra...