Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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The Tribunal held that the respondent contravened the anti-profiteering mandate by failing to pass on the incremental input tax credit benefit to homebuyers in a uniform and commensurate manner. It accepted the DGAP's computation that the post-GST ITC ratio increased, and ruled that any excess adjustment in some cases could not cure the shortfall in others, leaving the balance benefit refundable to eligible buyers. It further held that the profiteered amount, computed on values exclusive of GST but collected from buyers inclusive of GST, had to include the GST component. Interest at 18% per annum was directed on the amount not passed on, and penalty exposure under Section 171(3A) was recorded for the relevant period.
The Tribunal held that the respondent contravened the anti-profiteering mandate by failing to pass on the incremental input tax credit benefit to homebuyers in a uniform and commensurate manner. It accepted the DGAP's computation that the post-GST ITC ratio increased, and ruled that any excess adjustment in some cases could not cure the shortfall in others, leaving the balance benefit refundable to eligible buyers. It further held that the profiteered amount, computed on values exclusive of GST but collected from buyers inclusive of GST, had to include the GST component. Interest at 18% per annum was directed on the amount not passed on, and penalty exposure under Section 171(3A) was recorded for the relevant period.
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