Penalty Not Applicable for Profiteering in Flat Purchase Under GST; Section 122(1)(i) Excludes Section 171(1) Violations.

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....Levy of penalty - Profiteering - purchase of flat - It is apparent from the perusal of Section 122 (1) (i) that the violation of the provisions of Section 171 (1) is not covered under it as it does not provide penalty for not passing on the benefits of tax reduction and ITC. It only provides for imposition of penalty for not issuing an invoice or for issuing an incorrect or false invoice in respect of any supply of goods or services or both - Since, the profiteered amount is not a tax imposed under the CGST Act, 2017, No penalty - NAPA....