TaxTMI 
TaxTMI 
2024 (10) TMI 113
X X X X Extracts X X X X
X X X X Extracts X X X X
....he brief facts of the case and findings of investigation conducted by the DGAP are as under- i. The DGAP had submitted an Investigation Report dated 15.12.2021 under Rule 129 of the CGST Rules, 2017, before the National Anti-profiteering Authority (NAA) in the project "Ireo Waterfront" of the Respondent. ii. Thereafter, w.e.f. 01.12.2022, mandate to examine profiteering was vested with Competition Commission of India (CCI), as per the Notification No. 23/2022-Central Tax dated 23.11.2022 issued by Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance. iii. The CCI went through the above Investigation Report dated 15.12.2021 and passed an Interim Order No. 04/2023 dated 31.07.2023 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f invoices raised on the customers during the financial year (F.Y.) 2022-23 and 2023-24 on which GST was charged @ 5%. C. Sample copies of Invoices raised during the F.Y. 2022-23 and 2023-24 on which GST was charged @ 5%. d. Details of ITC reversal in terms of Notification No. 03/2019-(Central Rate) dated 29.03.2019) along with the DRC-03 form. e. Summary of GSTR-3B for the year 2017-2018 and 2018-19. f. Copy of electronic credit ledger for the period April 2017 to 05 June 2024. viii. The DGAP has stated that the directions received from CCI, various replies of the Respondent and the documents/evidence on record had been carefully scrutinised. The main issues for determination were:- (i)....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., hence, it was deemed that he had opted for new rates in respect of ongoing projects and accordingly new rate of GST @ 5% without ITC would be applicable and all the provisions of the new scheme including transitional provisions would be applied. xi. The DGAP has observed from the ST-3 returns that the closing balance of Cenvat Credit was Rs. 78,53,983/-on 30.06.2017 which the Respondent had carried forward from the pre-GST period in TRAN-1 Form. The Respondent had also submitted the copies of DRC-03 Forms of ARN:AD03032300965IO dated 30.03.2023 for the F.Y.2017-18 (Rs. 51,19,954/-) and ARN: AD030323009654I dated 30.03.2023 for the F.Y.2018-19 (Rs. 2,42,502/-) for reversal of transitional ITC of Rs. 53,62,456/-for the F.Y. 2017-20....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 746 746 -1,080 -746 -746 - - - Feb-18 34,322 - - -34,322 - - - - - Mar-18 37,980 41,115 41,115 -37,980 -41,030 -41,030 - 85 85 Apr-18 - 53,978 53,978 - -53,978 -53,978 - - - May-18 - - - - - - - - - Jun-18 - 231,194 231,194 - -6,806 -6,806 - 224,388 224,388 Jul-18 57,861 - - -63,181 -341,045 -5,907 -5,320 -341,045 -5.907 Aug-18 4,768 102,009 102,009 -4,768 -102,009 -102,009 - - - Sep-18 - 145,336 145.336 - -369,499 -369,499 - -224,163 -224,163 Oct-18 - - - - - - ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... led to a negative credit of Rs. 7,51,0671/-of IGST, Rs. 6,59,908/-of CGST and Rs. 3,24,770/-of SGST respectively. Further, the Respondent had decided not to re-avail the reversed ITC in any manner in compliance with the Notification No. 3/2019-C.T. (Rate) dated 29.03.2019. xv. The DGAP has also confirmed that the Respondent had reversed the ITC amount of Rs. 24,82,604/-for the F.Y.2019-20, Rs.5,44,7221-for the F.Y. 2020-21 and Rs. 1,04,34,685/-for the F.Y. 2021-22 respectively in Form DRC-03 to fulfil the conditions prescribed in the Notification No. 03/2019-CT (Rate) dated 29.03.2019. xvi. The DGAP has concluded that Respondent had not retained any ITC, related to 'lreo Waterfront project and reversed all the ITC availed....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hether the benefit of rate reduction or ITC was passed on or not to the recipients as provided under Section 171 of the CGST Act, 2017. 4. We find that the DGAP has verified the documents submitted by the Respondent as well as the statutory returns filed by him and revealed that the Respondent had opted for GST @ 5% without ITC in terms of Notification No. 03/2019-Central Tax (Rate)dated 29.03.2019 and reversed all the ITC available pertaining to the F.Y. 2017-2018 and 2018-2019 from April,2019 onwards and he had also reversed ITC availed in compliance with Rule 37 of the CGST Rules,2017,due to delay of more than 180 days in making payments to the suppliers for the value of supply along with tax, from the date of issuance of the invoices....