Can ITC of one project be utilised in other project, if a company is carrying multiple real estate projects under same GSTIN?
Lets say a project has been completed, but ITC relating to purchases made for such project is still lying un-utilised, can company use it for discharging output tax liability arising out of other project carried on, under same PAN?
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Cross-utilisation of ITC among different real estate projects
Replies (4)
Quick Summary
Yes, you can
no restrictions
no restrictions
I don't think that one project ITC can be adjusted in payment of Output tax liability of another , even though it's under the same PAN .
As per Faq on Cbec site , the promotor are required keep record of Input ,input services project wise. & if it is in 2 different state then it's 100% that you cannot Adjust ITC of one project in State A with Output Tax Liability of State B
As per Faq on Cbec site , the promotor are required keep record of Input ,input services project wise. & if it is in 2 different state then it's 100% that you cannot Adjust ITC of one project in State A with Output Tax Liability of State B
Dear Vishesh
IF YOU ARE CONTRACTOR & NOT THE BUILDER OR DEVELOPER THEN YOU CAN CLAIM ITC OF ONE PROJECT INTO OTHER , BUT THAT TO MAKE SURE THAT BOTH PROJECTS ARE IN SAME STATE.
*TO BE .........
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