one of my client deals in real estate sector He received B U on 18/09/2017 During months of Oct 2017 he received Rs.50k as flat booking no GST will be levied on the same
but now what will be the impact on GST / Service Tax Credit Taken on the same while constructing entire Build
should i have to reverse the credit ?
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GST credit Reversal
Replies (5)
Dear Meet Shah,
We just require reversing the credit belonging to such building however if we have any common credit then we need to reverse the same proportionately as per ITC rules.
Further, the department can ask us to pay the interest on the ITC utilized towards any other supplies but such issues can be fought against the department.
okay then should i have to consider credit Taken since the starting of building or only during the month in which i have supplied the exampted goods?? the word "In a tax period" is mentioned in rule 42
Not only for the tax period but I feel all the input tax credits belonging to such project need to be reversed. Even in earlier service tax regime, there were litigations in this regard but finally, same was settled by judicial pronouncements by saying this is the basic understanding of free flow of credit.
so I have to take the GST credit from the month of July till the Bu but what about Service Tax credit already taken??
and what about the turn-over should i have to take the turnover from the 1st day of construction or from the relevant. month only?
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