Additional ITC Benefit Withheld From 25 Homebuyers: GSTAT Orders 18% Interest From July 2017, Rejects Builder’s Waiver Argument
GSTAT’s Principal Bench holds that a builder who passed on the bulk of an additional GST input tax credit benefit to homebuyers, but fell short for 25 buyers, must pay the shortfall with 18% interest running from 1 July 2017 — rejecting the builder’s argument that interest waivers on delayed customer payments should apply.