Mr. Radheshyam is a builder. who contrction a complex of 50 Unite.
He Purchased Material & Service at availed credit in every month of ITC . He sold 30 Unite ( Taxable ) before completion of complex and pay gst and balance 20 Unite sale ( Non Taxable ) after receive completion certificate from Munciple Corporation
My Query is that he availed ITC on whole material & service whether any penalty and interest levy
| Originally posted by : Pankaj Rawat | ||
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Yes interest is applicable Sale of flats after issuance of completion certificate without payment of GST in terms of clause 5 of schedule-III to CGST Act are exempt supplies . Hence As per Section 17 the ITC attributed to Flats sold after completion is to be reversed with Intt. (refer Rule 42, 43) |  |
Dear Sir
At the Starting Point in above question
Builder not an Idea that How Many Flate Sale before Completion certifiacte
So How to Solve Above Problem
DEAR , builder is liable to reverse ITC only when the flat is sold (after completetion certificate)
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