Indiabulls Real Estate guilty of profiteering ₹6.46 crore to refund homebuyers

DGAP has found that real estate firms have benefited from additional ITC after the introduction of the Goods and Services Tax on July 1, 2017-March 31, 2019 and beyond. 6.46 crore to the buyer in the scheme.

National Anti-Profiting Authority (NAA) found guilty of crossing Indiabulls real estate 6.46 crore Input Tax Credit benefits to home buyers through a corresponding reduction in the price after GST.

The Directorate General of Anti-Profiting (DGAP) investigated the case and found the builder profitable.

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DGAP has found that real estate firms have benefited from additional ITC after the introduction of the Goods and Services Tax on July 1, 2017-March 31, 2019 and beyond. 6.46 crore to the buyer in the scheme.

“The Authority has found that the defendant has received a sum of money 6,46,06,227 for the ‘Sierra Vizag’ project during the period under investigation.

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“In the said plan, the defendant will reimburse the amount earned by the home buyer with interest at the rate of 18 per cent from the date he earned the benefit. Such payment,” the NAA said in its June 24 order.

The benefit amount should be transferred to the home buyer within 3 months.

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