Ravi SADhiyan (Practice) (4510 Points)
16 January 2019XYZ 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
Najeeb Ur Rehman
(85 Points)
Replied 16 January 2019
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 16 January 2019
| Originally posted by : Najeeb Ur Rehman | ||
 |
No interest applicable if itc availed but not utilized or refunded |  |
Explain with the provision of GST & Notification
Pankaj Rawat
(GST Practitioner)
(55042 Points)
Replied 16 January 2019
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 17 January 2019
| 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
Pankaj Rawat
(GST Practitioner)
(55042 Points)
Replied 17 January 2019
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
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 17 January 2019
| 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
Pankaj Rawat
(GST Practitioner)
(55042 Points)
Replied 17 January 2019
THE POINT YOU AVAILED THE ITC.....
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 17 January 2019
| 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
Pankaj Rawat
(GST Practitioner)
(55042 Points)
Replied 17 January 2019
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
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