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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Builders Must Pass GST Savings to Buyers: Lower 12% Rate for Under-Construction Flats, Section 171 Applies to Prevent Profiteering.</h1> Builders must pass on the GST benefits to property buyers, as the GST rate for under-construction flats is set at 12%, which is lower than the previous tax regime. Previously, builders included various indirect taxes like Central Excise, VAT, and Entry Tax in the cost, which were not visible to buyers. Under GST, builders can claim full input tax credit, reducing the overall tax burden. Builders should not demand higher payments before GST implementation, as this could be considered profiteering under Section 171 of the GST Act. Builders are advised to adjust prices to reflect the reduced tax burden.
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