I purchased commercial property from WTC Noida. Installments are twice a year since 2016. Now the property is ready for possession. Builder has not yet passed on the benefit of INPUT TAX CREDIT to buyers. I have sent them email reminders but no response. Kindly advise.
Thanks and Regards
Debashis Choudhury
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Input tax credit
Replies (5)
Can you elaborate what you mean by not passed on the benefits of Input Tax Credit?
Hope you are aware what input tax credit is! Builders get refund of tax on raw materials of the project, which they are supposed to share with buyers. Hope its clear
wasn't the price for the said commercial property fixed in 2016? on that price they are charging GST. or there is any agreement for passing benefit between you and builder?
Gst was implemented in the country during 2017. It is the GST rule the builder is required to share the benefit with buyers. when the property was purchased GST was not there
There is no express provision in GST law for what you have mentioned sir. If the prices have been unduly increased after GST, there is a provision of anti-profiteering. You can raise a complaint to the anti-profiteering authority
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