Sir
One contractor had entered into a contract to construct a flat. It started before 01.04.19 and the contract value was including GST of 18%. The flat come under affordable housing and from 1.04.19 the rate has come to 12%. Is it mandatory for the contractor to pass on the GST benefit to the builder or else will it come under anti profiteering.
Frah Saeed Answered question May 28, 2020
Yes definitely in cases where prices are including taxes and where quantum of taxes are changed naturally the prices need to be changed. Further anyways in the tax invoice the supplier is required to depict the value and amount of GST charged thereon with rate , separately.
Team Clearmytax.in
Frah Saeed Answered question May 28, 2020