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input tax credit to builder
whether input tax credit is available to builder while selling the flats to the customer ?
Replies (7)
if the booking is done before the completion of the project than input can be set off against output . But if the booking of flat is done after completion than input cannot be set off as there will be no output GST on that flat .
Yes builder can avail ITC
If the whole money from customer for flat is reced after the completion certificate , No GST will be applicable (As per schedule)
But builder has to reverse the ITC in proportion to that flat
But builder has to reverse the ITC in proportion to that flat
Sorry Its schedule III & Reversal is to be done as per section 17(2) & method of reversal is prescribed in rule 42,43
whether builder can claim the refund of ITC if all the flat of the residential complex is sold after receiving BUC/OC.
if NOT?
then what to do with available ITC.
please reply
No ...the builder cannot claim Refund ..... Refund can be claim only in condition mention section 54 CGST & builders do not cover under it
thank you, sir, for your reply...
ok
then it means that the builder has to reverse proportionate ITC and claim the same as an expense.
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