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.
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GST on Retention Money
Replies (2)
Quick Summary
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.
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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