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Section 171 of GST as an Anti-profiteering measures provides that it is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer by way of commensurate reduction in prices.
in practice how can homebuyer get input credit from builder?
anyone has a draft letter to ask builder to pass on the input credit to the consumer? most builders keep quiet as there si a switch from service tax plus vat to gst for building under construction.
G Vasantharajan
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Ultimate buyer gets no ITC.
Builders are expected to pass on ITC which they get by their purchases for building the project and use it to lower the final price to buyers.
Always best to go in for completed building with CC where no GST is applicable,after real due diligence of legal papers.
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