After a pause due to the countrywide lockdown, the National Anti-profiteering Authority (NAA) has renewed cracking the whip on property builders for not lowering home prices to pass on tax benefits following the rollout of goods and services tax (GST) in 2017. So far this month, the profiteering regulator has ordered two developers to cut prices of flats to pass on the profiteered amount to buyers with 18% interest. This month, the NAA confirmed previously issued orders to two other builders to pass on the benefits of tax credits to customers but dropped proceedings to impose penalty. “Since the sale value is large, consumers pay attention to the tax involved and file complaints where they suspect profiteering. “Legally speaking, the specific inclusion of a provision from a prospective date means the absence of the same before that date.

Source: Mint November 15, 2020 22:18 UTC