We are 504 APARTMENT COMPLEX. Total Flats - 504 Total area 785419 Sq ft Monthly collection from ALL the members = 3063134 Rs out of which 45 Flats are above the LIMIT OF 7500 rS 45 FLATS WHOSE AREA IS 94634 Sqft & they pay 369073 Rs. 12.05 % of the total collections. This 45 residents pay 66433 Rs as GST .per month. We buy GST PURCHASES of 10 lak a month( & ~1.8 lac of GST a month in this out go.
QUESTION = HOW MUCH OF ITC can be availed from this 66433 Rs . Thanking you,
26 September 2020
Assuming that the purchases of Rs.10,00,000/- are for common purpose, you will be allowed to use Rs.21,690/- of ITC i.e. 12.05% of Rs.1,80,000/- (Rule 42 and section 18).
CAclubindia
