https://www.taxtmi.com/article/detailed?id=8967 Section 171 requires suppliers to pass incremental Input Tax Credit benefits to buyers by commensurate reduction in price computed at the level of each tax invoice. DGAP compared pre-GST and post-GST ITC percentages, identified an increase in ITC available to the developer, and computed the aggregate amount of benefit not passed to purchasers. The Authority directed price reductions, refunds with interest, monitoring by Commissioners, and noted ongoing obligation to pass any future ITC benefits, with potential penalty exposure for contravention. en-us Mon, 24 Feb 2020 09:48:11 +0530 Mon, 24 Feb 2020 09:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8967 Section 171 requires suppliers to pass incremental Input Tax Credit benefits to buyers by commensurate reduction in price computed at the level of each tax invoice. DGAP compared pre-GST and post-GST ITC percentages, identified an increase in ITC available to the developer, and computed the aggregate amount of benefit not passed to purchasers. The Authority directed price reductions, refunds with interest, monitoring by Commissioners, and noted ongoing obligation to pass any future ITC benefits, with potential penalty exposure for contravention. Articles Goods and Services Tax - GST Mon, 24 Feb 2020 09:48:11 +0530 https://www.taxtmi.com/article/detailed?id=8967