Builders(affordable rrep)
This query is : Resolved
30 July 2019
MY CLIENT IS RREP BUILDERS HE IS UNDER 1% SCHEME FOR 01.04.2019. AND HE IS FIRSTLY REGISTERED UNDER THE GST INPUT OUTPUT SCHEME, AND HE IS CLAIM ONLY ITC FOR THE TWO YEARS,OR HE IS NO OUTPUT FOR THE TWO YEAR. SO THE RS.1810400 IS ITC ON CREDIT LEDGER. SO THAT ITC IS REFUNDED FOR ME OR NOT,AND WHAT IS THE TREATMENT OF ITC IN AVAILABLE CREDIT LEDGER.PLEASE GUIDE ME
30 July 2019
Effective rate for Affordable RREP Builder w.e.f 01 April 2019 is 5% without ITC
There may be a situation wherein a promoter / builder has started work in a project and have received inputs and input services. But have no booking prior to 1st April 2019.
In this scenario, the promoter has availed input tax credit in the old tax regime but the entire tax on the project will be paid in new tax regime wherein availing input tax credit is not allowed.
Therefore, such a promoter is required to reverse the input tax credit already availed
There may be a situation wherein a promoter / builder has started work in a project and have received inputs and input services. But have no booking prior to 1st April 2019.
In this scenario, the promoter has availed input tax credit in the old tax regime but the entire tax on the project will be paid in new tax regime wherein availing input tax credit is not allowed.
Therefore, such a promoter is required to reverse the input tax credit already availed
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