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Builder indulged in profiteering for denying additional ITC benefit to buyers post-GST implementation

January 10, 2020[2020] 113 taxmann.com 183 (NAA)
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GST : Where respondent-builder denied benefit of additional input tax credit available from pre-Gst period (April 2016 to June 2017) to post-Gst period (July 2017 to December 2018) to buyers of flats being constructed by them in contravention of provisions of section 171(1), they apparently committed an offence under section 171(3A) and thus they were liable for imposition of penalty under the provisions of said section. It was further directed under Rule 133(3)(a) of the CGST Rules 2017 that respondent would reduce the prices to be realised from buyers of the flats commensurate with the benefit of ITC received by them

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