It's allowed. Section 16(1) of the CGST Act, 2017 “Every Registered Person take credit of input tax charged on any supply of goods or services or both to him, which are used or intended to be used in the course or furtherance of his business”.
I have recently put my money in one of the builder projects, As per our initials, discussion Builder representative agreed to return the Input tax credit. But later, they denied to return anything in term of Input Tax Return, stating they are not get anything in return. I would like to know how this input tax credit being calculated and refunded. Is that correct that builder will not get anything in return?
I have paid 12% of GST on my total Selling price. Appreciate your help in this matter.
Regard’s
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