Dealer deals in construction work If he sells the project while construction then he will charge GST and deposit to Govt But I f he sold the project after construction then will not leviable to pay gst
what is the treatment of gst input credit lying in the books
as per dvat Regime we used to reverse the DVat credit u/s 9 and 10
what is the treatment in GST
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query regarding construction
Replies (3)
If sold after completion certificate , ITC has to be reverse
pls specify section
AS PER THE PROVISION OF SECTION 17(2) CGST ACT , THE AMOUNT OF INPUT CREDIT SHALL BE RESTRICTED TO SO MUCH OF THE THE INPUT TAX AS IS ATTRIBUTABLE TO SAID TAXABLE SUPPLY, SO FURTHER SALE AFTER COMPLETTION CERTIFICATE WITHOUT PAYMENT OF GST IN TERM OF CLAUSE 5 OF SCHEDULE-III TO CGST ACT ARE EXEMPTE SUPPLIIES FOR THE PURPOSE OF SECTION 17(2)
IN VIEW OF ABOVE, INPUT IN THE ABOVE MENTION SITUATION WOULD BE RESTRICTED TO THE AMOUNT AS IS ATTRIBUTABLE TO TAXABLE SUPPLIES , SO FOR EXEMPT SUPPLIES (AFTEER COMPLETETION CERTIFICATE) ITC HAS TO BE REVERSED
THE METHOD OF ATTRIBUTION OF ELIGIBLE ITC HAS BEEN PRESCRIBED UNDER THE PROVISION OF RULES 42 OF CGST ACT
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