NEW DELHI : Home buyers are set to benefit with the National Anti-profiteering Authority (NAA) asking builders to cut prices of flats to pass on the tax benefit that became available to property developers with the roll out of GST in 2017. So far this month, NAA has ordered two developers to cut prices of flats to pass on the profiteered amount to buyers with 18% interest and in the case of two others confirmed earlier orders to cut prices but dropped the proceedings to impose penalty. In about 80% of the 38 cases adjudicated upto end of 2019, profiteering charges against builders were proved, a person familiar with the trend of past investigations said, requesting anonymity. “Since the sale value is large, consumers pay attention to the tax involved and file complaints where they suspect profiteering. “Legally speaking, specific inclusion of a provision from a prospective date means the absence of the same before that date.

Source: Mint November 15, 2020 09:33 UTC