Occupancy Certificate determines project completion, preserving GST credit benefit restitution for identifiable homebuyers while barring retrospective penalties.
Case-Laws
GST
For GST anti-profiteering in an ongoing real-estate project, completion is reckoned from actual issuance of the Occupancy Certificate, not from filing the application. The discussion states that post-GST input tax credit benefits may be quantified by comparing pre- and post-GST ITC-to-purchase-value ratios using certified actual data, and apportioned to purchasers. Where homebuyers are identifiable from supplier records, the profiteered amount must be returned to them with interest; deposit in Consumer Welfare Funds is residual where recipients cannot genuinely be identified. It also notes that a penalty provision introduced after the investigation period cannot apply retrospectively without express statutory authority.
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