Is the Builder bound to pass over the benefit of ITC to its buyers ?
In one case, over a 100 home buyers had filed an application against Pyramid Infratech for not passing on the Input Tax Credit (ITC) of the GST paid on construction services. The National Anti-profiteering Authority (NAA) directed the company to refund or reduce Rs 8.22 crore from the buyers’ last installment along with 18% interest…