Itc reversal method
This query is : Resolved
23 July 2019
I am providing two type of services simultaneously. At one site construction of residential units eligible to tax @1% GST without ITC and another one is workcontract services taxing @ 18% with ITC. I purchase all the material in the name of firm and not project wise. in this case how to calculate ITC revesal amount under rules 42. Can I adjust whole ITC from work contract receipts and pay only 1% tax construction of residential units.Please suggest me what is the legal and correct way to utilise or reverse ITC?
24 July 2019
The correct way to reverse ITC is identify materials used in construction of residential units eligible to tax @1% GST without ITC and reverse it.
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