Project-specific ITC benefit calculations may use credit-to-purchase-value data, with GST on excess realisation included in anti-profiteering amounts.
Case-Laws
GST
Project-specific anti-profiteering computation may compare pre-GST credit and post-GST input tax credit with corresponding project purchase values, rather than turnover, to quantify the benefit allocable per square foot to eligible homebuyers. Pre-GST purchase and credit data may remain relevant where records establish a project nexus, notwithstanding formal post-GST commencement of construction. Total project area and eligible sold area must support a reconciled allocation of the project-level benefit. GST collected on excess realisation arising from profiteering forms part of the amount to be passed on. Penalty may apply for contraventions occurring after the penal provision commenced, subject to statutory immunity where the profiteered amount is deposited within the prescribed period.
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