Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
With the introduction of GST, a construction service provider received additional input tax credit on goods and input services and was required to pass on the commensurate benefit to homebuyers under anti-profiteering principles. The Tribunal upheld the revised computation comparing pre-GST and post-GST ITC to construction cost, rejected exclusion of input-service credit, and accepted price adjustment as a valid mode of passing on benefit. It also held that the balance profiteered amount had to be returned with the corresponding GST component, since collections from buyers were inclusive of GST, and interest at 18% per annum applied from the dates of collection until refund. Penalty under Section 171(3A) was found attracted for the post-commencement period.
With the introduction of GST, a construction service provider received additional input tax credit on goods and input services and was required to pass on the commensurate benefit to homebuyers under anti-profiteering principles. The Tribunal upheld the revised computation comparing pre-GST and post-GST ITC to construction cost, rejected exclusion of input-service credit, and accepted price adjustment as a valid mode of passing on benefit. It also held that the balance profiteered amount had to be returned with the corresponding GST component, since collections from buyers were inclusive of GST, and interest at 18% per annum applied from the dates of collection until refund. Penalty under Section 171(3A) was found attracted for the post-commencement period.
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