GST ITC on GIDC Transfer Fees and N.U.Penalty

Hitesh Patel (Manager Accounts) (37 Points)

28 June 2021

Mr. A has sold land & building to Mr.Y.
can Mr.A claim the GST ITC on GST Paid On GIDC Transfer Fee & N.U. Penalty?

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4 Replies

CA Altamush Zafar (GST Consultant) (15986 Points)
Replied 28 June 2021

If sale of building was subject to GST then ITC can be claimed. Otherwise no

Hitesh Patel (Manager Accounts) (37 Points)
Replied 28 June 2021

Transfer fees on land and penalty on non utilization of plot.

CA Altamush Zafar (GST Consultant) (15986 Points)
Replied 28 June 2021

Please elaborate the transactions taking place both inward and outward

CA Dipen Ruparelia (service) (24 Points)
Replied 25 December 2021

transfer fees and non-utlisation penatly is payable to GIDC, by buyer party on transfer of land process. Such transfer fees + 18% GST is applicable.

Whether ITC on such GST paid is allowable ? Land will be Leasehold land which is given by GIDC on generally 99 years term.

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