‘Axis Concept Construction’ not passed ITC benefit to 21 Home Buyers: NAA

Shivkumar Tattimani Vs Axis Concept Construction Pvt. Ltd (NAA) ITC as a percentage of the turnover that was available to the Respondent during the pre-GST period (April-2016 to June-2017) was 1.17% and during the post-GST period (July-2017 to April-2020), it was 13.52% for the project “Axis Vedam”. This confirms that, post-GST. the Respondent has been benefited from additional ITC to the tune of 12.36% [13.52% (-) 1.17%] of his turnover for the said project and the same was required to be passed on to the customers/flat buyers/recipients. The DGAP has calculated the amount of ITC ...