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gst credit on real estate building construction
As there is input credit rule stating the utilisation of credit before september month return or annual return filing which ever is earlier.how can I avail input credit on construction of building in such case as construction usually takes 2 to 3 years....
Replies (3)
It is not utilisation but availment. U have to avail the credit by sep or filing of annual return whichever is earlier
can u be more specific about availment
Availment means taking the ITC i.e. debiting ITC in your books of accounts.(Show the ITC availed in your GST return also)
Utilisation means using the ITC to pay tax liability i.e. crediting ITC and debiting liability.(Show the ITC utilised in your GST return also)
U avail ITC upto 2-3 years and it will accumulate in your books and then utilise when liability arises. There is no time limit for utilising the ITC.
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