Builder profiteered by not passing additional Input Tax Credit benefit to home buyers: NAA

The National Anti-Profiteering Authority (NAA) has come to the aid of homebuyers by concluding that a builder of affordable houses has profiteered by not passing the benefits of input tax credit to the buyers. It has asked officials to ensure that the profiteered amount is passed on to the buyers.

Builder pulled up for not passing GST gain to buyers. that homebuyers cannot endlessly wait to get the benefit of input tax credit. ordered to pass on the gain from the "profiteered" amount.

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The home buyers in their complaint had said that Pyramid Infratech had not passed on the benefit of lower tax arising out of availing of input tax credit. (NAA) saying that Pyramid Infratech has.

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Watchdog penalises builder for not passing GST benefit to homebuyers. and hence there were no benefit of GST accrued to the buyers of the flats.. of additional input tax credit available.

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The DGAP has also submitted that the Respondent’s claim that Section 171(1) of the CGST Act, 2017 relating to benefit of ITC was not attracted, as there was no reduction in the GST rate was also not acceptable because the conditions of passing on the benefit of reduced tax rate and benefit of ITC were two independent conditions and Section 171 of the CGST Act, 2017 was attracted if both or either of these two conditions existed.

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NAA CASES . 2019-TIOL-30-NAA-GST . Director General Of Anti-Profiteering Vs Puri Constructions Pvt Ltd. GST – Anti-Profiteering – S.171 of the CGST Act, 2017 – Applicant alleges that the respondent builder had profiteered by not passing on the benefit of Input Tax Credit (ITC) to him upon purchasing the flat in the Anand Vilas Project, Faridabad, although he had charged GST @12% w.e.f 01.07.

Hence, Benefit of input tax credit availed has to be passed on to buyers and not benefit of input tax credit utilized. This also forms one of the most litigative issues in arriving at the benefit to be passed on to the recipient. 4. Relevant Judicial Rulings In the matter of Shylesh Damodaran v.

In cheer for homebuyers, anti-profiteering body asks pyramid infratech to pass on GST benefits 1. home buyers GST NAA Real. of additional input tax credit available needs to be passed on by.