New Delhi, March 3: The Delhi High Court has asked two real estate companies to deposit 50 per cent of the alleged profiteered amount in separate funds, and stayed the order of the National Anti-profiteering Authority (NAA) till the final ruling.

“The petitioner is directed to deposit 50 per cent of the principal profiteered amount. The said amount shall be deposited in two equal monthly instalments,” said the court in one of the orders. The court also ordered that the deposit be kept in interest bearing fixed deposit receipts.

The cases involve two builders whose projects are based in Noida and Gurugram.

The NAA has imposed a penalty of Rs 5 crore each on the two builders for allegedly not passing the benefits of the Goods and Services Tax (GST) regime to the home buyers.

The projects started in pre-GST period but continued even after July 2017 when the GST was rolled out.

The NAA calculated the profiteered amount from its calculation of input tax credit that is available in the GST system and companies’ gross turnover.

Read more:

https://www.business-standard.com/article/economy-policy/delhi-high-court-asks-builders-to-deposit-50-of-profiteered-amount-120030301713_1.html

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