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mahesh chitpur (nothing)     25 September 2021

GST on Retention Money

Dear Experts,

In a project based company,can we claim GST ITC on retention money.
Full payment is not made some part at once. Some part is retained still completion of project.


 2 Replies

Rama chary Rachakonda

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     25 September 2021

TREATMENT OF RETENTION MONEY UNDER GST;

Section 13 of CGST Act, 2017 provides that works contractor would be required to deposit the tax on the entire invoice amount, irrespective of the fact that only part of the invoice amount has been paid by the recipient.

CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     25 September 2021

Yes you can claim but you will have to pay within 6 months other wise that portion ITC will have to be reversed with interest.

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