Can we claim ITC on GST paid on purchase of Under Construction Commercial Property and GST paid on processing charges paid to avail loan to purchase that property ?
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ITC on GST paid on Under Construction Commercial property
Replies (6)
Quick Summary
First case its blocked credit under section 17(5) if you have purchased it for own use.. second case you can avail.
It limited to property only, land value b excluded from the Total property value.
In my opinion, GST paid on purchase of Under Construction Commercial Property for furtherance of business is allowable .
| Originally posted by : CA. Abhilash Krishnan P | ||
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First case its blocked credit under section 17(5) if you have purchased it for own use.. second case you can avail. |  |
Thank u Sir !!
Also can u pls tell how to recover the GST in case of cancellation of the purchase before it gets completed ?
| Originally posted by : anil jain | ||
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In my opinion, GST paid on purchase of Under Construction Commercial Property for furtherance of business is allowable . |
|
Thank u for the reply !!
Can u provide any circular/rule/notification/section etc to support this view ?
Hi, in view of Supreme Court ruling in October, is GST ITC now available retrospectively. Our case is of a commercial property purchased under construction and paying 12% GST and now leased out for commercial purposes and monthly GST invoices are being generated.
itc-will-be-allowed-when-immovable-property-falls-under-definition-of-plan-machinery-sc-52661.asp
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