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Refund of ITC for real estate business
Can a construction company claim refund of unutilised ITC through Form GST RFD-01?
Replies (6)
Quick Summary
I think as construction works contract didn't claim ITC so unutilised ITC cannot be refunded
ITC for works contract can be availed only by person who is in the same line of business and is using such services for further supply of works contract service. My query is does it qualify under inverted duty structure since output gst is paid at 12% while itc availed is at 18% ?
It may be in inverted duty structure as input rate is higher than outward rate
ITC AND UTILISATION OF CREDIT IN CONSTRUCTION BUSINESS..
1. ITC IS NOT AVAILABLE ON IMMOVABLE PROPERTY ON WORKS CONTRACT SERVICES EXCEPT IT IS USED FOR FURTHERANCE FOR BUSINESS
1. ITC IS NOT AVAILABLE ON IMMOVABLE PROPERTY ON WORKS CONTRACT SERVICES EXCEPT IT IS USED FOR FURTHERANCE FOR BUSINESS
Yes you can claim, It is pertinent to note that the refund will be granted only for ITC of inputs. Therefore, unutilized ITC of input services will be lying in the electronic credit ledger without any recourse to refund.
No ITC can only be claimed in the following cases:
* Export of goods
* In case of inverted duty structure
Other than these case no such refund is allowed under GST
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