Itc in case of construction

XYZ Ltd is a contractor who availed ITC from the stage of construction.

It constructed 100 Plate in total and it sold  75 Plate before completion certificate  and Balance 25 Sold after received completion certificate

So in the Above case, It  reversed  ITC related to 25 plates 

My Query is Interest rate applies from the date of ITC availed or from the date completion certificate received

 

Replies (9)
No interest applicable if itc availed but not utilized or refunded
Originally posted by : Najeeb Ur Rehman
No interest applicable if itc availed but not utilized or refunded

Explain with the provision of GST & Notification

Yes as per Rule 42 , the Interest applicable as per section 50(1) CGST Act

The interest shall be due from the date of ITC claimed .
Originally posted by : Pankaj Rawat
Yes as per Rule 42 , the Interest applicable as per section 50(1) CGST Act The interest shall be due from the date of ITC claimed .

Dear Pankaj Sir

At the Time of availed of ITC. I have not no that how many Amount of Taxable supply & Non-Taxable Supply

 

ITC IS TO BE REVERSE FOR ONLY THOSE FLAT WHEN SOLD AFTER OBTAIN CC ,....HENCE HAVE TO  CALCULATE PROPORTIONATELY THE ITC BEING AVAILED FOR EACH FLAT 

Originally posted by : Pankaj Rawat
ITC IS TO BE REVERSE FOR ONLY THOSE FLAT WHEN SOLD AFTER OBTAIN CC ,....HENCE HAVE TO  CALCULATE PROPORTIONATELY THE ITC BEING AVAILED FOR EACH FLAT 

Dear Sir 

I agree with you, But my point is pending that Interest Rate apply from the date of ITC availed or Interest rate applies from the date  when taxable supply made a non-taxable supply till the date of reversal

 

THE POINT YOU AVAILED THE ITC.....

Originally posted by : Pankaj Rawat
THE POINT YOU AVAILED THE ITC.....

Dear Sir in this case can we apply provision of reversal of ITC 

Taxable supply made Non Taxable supply

DEAR RAVI JI

THE INTEREST WILL BE APPLICABLE UNLESS THE ITC BEING REVERSED. HENCE AFTER OBTAINING THE CC THE BUILDER CAN REVERSE THE ITC ON USOLD FLATS & CAN REVERSE THE ITC BY PAYING INTEREST THEREIN

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
Featured 29 October 2026
Accounts Executive

Synergy Keystone

Chennai

B.Com

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details