NAA: Real Estate Developer held guilty of profiteering, directs commensurate reduction in flat prices

NAA upholds profiteering against Respondent (a Real Estate Developer in Jaipur) alleging that it was benefited by an additional ITC of 5.38% (6.79% of post GST - 1.41% of pre- GST) of the taxable turnover; Holds the same shall result in commensurate reduction in base prices as well as cum-tax prices of the flats as per Section 171; Approves DGAP’s methodology for computing profiteered amount based on payments made by flat buyers, and thus clarifies that those charges not in...