{"id":50525,"date":"2022-06-28T10:44:00","date_gmt":"2022-06-28T05:14:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=50525"},"modified":"2022-06-28T10:38:49","modified_gmt":"2022-06-28T05:08:49","slug":"biz-profiteering-indiabulls","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-profiteering-indiabulls\/","title":{"rendered":"Indiabulls Real Estate guilty of profiteering Rs 6.46 cr, to refund homebuyers: NAA"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2902582145\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3563147460\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Based on a case filed by a homebuyer that Indiabulls Real Estate has not passed on ITC benefits in project Sierra-Vizag, situated in Visakhapatnam, the Directorate General of Anti Profiteering (DGAP) investigated the case and found the builder guilty of profiteering.<\/p>\n<p>The DGAP found that the real estate firm benefitted from additional ITC post the introduction of Goods and Services Tax between July 1, 2017-March 31, 2019, and over Rs 6.46 crore should be passed on to the buyers in the project.<\/p>\n<p>\u201cThe Authority finds that the Respondent has profiteered by an amount of Rs 6,46,06,227 for the project &#8216;Sierra Vizag&#8217; during the period of investigation.<\/p><div class=\"trade-content_5\" id=\"trade-3290808116\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;The amount that has been profiteered by the respondent from the homebuyers in the said project shall be refunded by him, along with interest at the rate of 18 per cent there on, from the date when the above amount was profiteered by him till the date of such payment,\u201d NAA said in its order dated June 24.<\/p>\n<p>The profiteered amount has to be passed on to homebuyers within 3 months. PTI JD ANU ANU<\/p>\n<div class=\"trade-after-content\" id=\"trade-511413394\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST. Based on a case filed by a homebuyer that Indiabulls Real Estate has not passed on ITC benefits in project Sierra-Vizag, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-50525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indiabulls Real Estate guilty of profiteering Rs 6.46 cr, to refund homebuyers: NAA - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-profiteering-indiabulls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiabulls Real Estate guilty of profiteering Rs 6.46 cr, to refund homebuyers: NAA\" \/>\n<meta property=\"og:description\" content=\"The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST. 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