‘M3M India’ not passed ITC benefit to 114 Home Buyers : NAA

Sh. Arun Kumar Raina Vs M3M India Pvt. Ltd. (NAA) Respondent has gained benefit of ITC on the supply of Construction services after the implementation of GST w.e.f. 01.07.2017 and the Respondent was required to pass on such benefit to the homebuyers by way of commensurate reduction in prices in terms of Section 171 of the CGST Act, 2017 during the period 01.07.2017 to 31.06.2019. The DGAP has calculated that an amount of benefit of ITC not passed on to the recipients or in other words, the profiteered amount comes to Rs. 74,60,399/- which includes 12% GST on the base profiteered amount of Rs. ...