2024 (2) TMI 412

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....o as the "NAA") after a detailed investigation under Rule 133(4) of the Central Goods & Service Tax (CGST) Rules, 2017 (hereinafter referred to as the "Rules"). 2. The NAA vide its Order No. 35/2020 dated 20.06.2020 in respect of Respondent's project "Devaan" determined profiteered amount as Rs. 4,83,04,691/- in respect of both the residential flats and commercial shops for the period 01.07.2017 to 30.06.2019. Further vide para 26 of the above order NAA directed the DGAP under Rule 133(4) of the Rules to further investigate the quantum of ITC benefit which the Respondent was required to pass on to the home/shop buyers w.e.f. 01.07.2019 till 30.06.2020 or till the Completion Certificate (C.C.) is obtained by the Respondent, whichever is....

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....od was compared with the same in GST period. In the instant case, the NAA vide Order No. 35/2020 dated 26.06.2020 had upheld the ratios of ITCs to turnovers for the period 01.04.2016 to 30.06.2017 during the pre-GST period and from 01.07.2017 to 30.06.2019 during the GST period. Therefore, there was no requirement of re-computation of profiteering for the period from 01.07.2017 to 30.06.2019. Hence, as per the directions of NAA, computation of profiteering for subsequent period i.e. 01. 07.2019 to 06.03.2020 had only been undertaken in this report. From the data submitted by the Respondent covering the period 01.07.2019 to 06.03.2020, the details of the input tax credit availed by him, his turnover from the project "Devaan" and the ratio of....

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.... was observed that the input tax credit as a percentage of the turnover that was available to the Respondent during the pre-GST period (April, 2016 to June, 2017) was 1.13% and during the period 01.07.2019 to 06.03.2020, it was reduced to 0.31% . Thus, from the above, it could be inferred that during the period 01.07.2019 to 06.03.2020, the Respondent had not benefited from additional input tax credit. e. That the provisions of Section 171 of the CGST Act, 2017 were not contravened by the Respondent in the subsequent period (i.e. 01.07.2019 to 06.03.2020). 4. The above report of the DGAP dated 23.03.2021 was considered by the Commission and it was decided to allow the Applicant No. 1 to file her consolidated written submissions against t....