Hello everyone, i am a newbie to input tax credit. My question is as follows: I am going to start a new construction project under a Builder. I and the builder has come into terms in constructing a apartment within a certain amount. The builder will himself notprocure any raw materials or do any work but will provide me the necessary fund for supervising and constructing the apartment. He will pay the amount through rtgs and has said that i will pay the gst on the raw materials i will purchase for completing the project. After finishing, i will handover the project to the builder and he will sell the apartment in the market. My role is limited to completing the construction only. As far as i understand only a builder is eligible for claiming the input tax credit on the materials he has purchased. But in my case the builder has not purchased any raw materials, in fact i have purchased all the raw materials for him and after completing i will only handover the project and not sell it to him. Will i be able to get any itc benefits as i have paid gst. If there is a way can anyone explain how it can be done?
CAclubindia
