TMI BlogProfiteering - sale of a built up house - DGAP's Report revealed that the ratio of ITC to the taxable...Profiteering - sale of a built up house - DGAP's Report revealed that the ratio of ITC to the taxable turnover post GST period increase from 0.61% to 3.45% i.e net benefit of 2.84% - the benefit of ITC was not passed to home buyers and collected extra amount with more GST on the additional amount - violation u/s 171 of the CGST Act, 2017 and committed an offence u/s 122(1)(i) - liable for penalty - directed state to monitor passing of benefit to to all the eligible buyers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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