Itc in case of construction

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

Explain with the provision of GST & Notification

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