GSTAT Principal Bench Holds Builders Must Pass Full GST Input Tax Credit Benefit to Homebuyers; Profiteered Amount Includes GST Collected on Excess Realization
The GSTAT Principal Bench has ruled that builders are required to pass on the entire benefit of increased input tax credit (ITC) under GST to homebuyers through commensurate price reduction. The Tribunal affirmed that the profiteered amount includes GST collected on the excess realization, and directed the respondent to refund the amount with 18% interest.
