Form ITC-03 for builders


(Querist)
18 October 2019
Dear Sir/Madam,

We are a builder and opt for reduced rate of GST from 12% to 5% as per the Notification No. 3/2019-Central tax(rate) dated 29th March,2019.
We are also running a retails business and have one GST registration for our two business verticals.
In respect of flat construction business, since from 01.04.2019 onward no ITC can be availed and reversal of ITC as required by the said notification as on 31.03.2019. To comply, we are now going to file ITC-03 as per the requirement of the said notification.
The FAQ on ITC-03 published on GST portal S.No. 10 talks about lapsing of balance ITC in E- credit ledger in case of opt in for composition scheme.

Query

1. Our major concern is the balance ITC pertaining to retail business ( post reversal of ITC pertaining to construction business) in our E-credit ledger should not lapse, as our retail business is active in same GSTIN which his eligible for ITC on inputs and input services.
2. How to input the ITC reversed and calculated as on 31.03.2019 on inputs relates to services in ITC-03 ? As there is no option for showing such reversals.

Pls guide me.
Thanks in advance.



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