Respected CCI Members,
Kindly advise me whether the building contractor who purchase on his account raw materials to construct building and sold the same before construction is completed.
Now, Can He take ITC on raw materials used?
Yours Sincerely,
Dhebek M N
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ITC ON RAW MATERIAL USED BY BUILDING CONTRACTORT TO CONSTRUCT BUILDING
Replies (1)
As the present GST rate of under-construction units are 1% for affordable and 5 % for other residential units, the rates are without any ITC.
So, now No ITC eligible over the inputs.
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