Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. [The value of land is included in the amount charged from the service recipient] 12% With Full ITC but no refund of overflow of ITC. my query is what this line ''With Full ITC but no refund of overflow of ITC'' mean??? Suppose in July month : ITC available = 500000 GST liability= 400000 What about Balance ITC=100000 Whether it will be carried forward to august or not ?? or it will be carried forward but I cant claim its refund ?????
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Treatment of overflow of itc in construction service
Replies (5)
It will be carried forward but you can't claim refund of the excess amount.
whether ITC is to be claimed project wise???
no, it will be gstn wise
Does that mean developer will collect a fixed 12% GST from buyer, effectively making under constuction projects to incur 6.5% higher tax (VAT 1% + ST 4.5% till June) with GST ?
What is the reason behind not availability of refund of ITC in case of Construction service ?
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