Itc reversal method
This query is : Resolved
Taiyab khan
(Querist)
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?
CA R SEETHARAMAN
(Expert)
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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