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Home Acts & Rules GST Rules Central Goods and Services Tax Rules, 2017 Chapters List Chapter V Input Tax Credit This
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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

Extract

..... dit ledger; 7[Explanation: For the purpose of this clause, it is hereby clarified that in case of supply of services covered by clause (b) of paragraph 5 of the Schedule II of the said Act, the amount of input tax in respect of capital goods used or intended to be used exclusively for effecting supplies other than exempted supplies but including zero rated supplies, shall be zero during the construction phase because capital goods will be commonly used for construction of apartments booked on or before the date of issuance of completion certificate or first occupation of the project, whichever is earlier, and those which are not booked by the said date.] 14[c) the amount of input tax in respect of capital goods not covered under clauses (a) and (b), denoted as ‘A, being the amount of tax as reflected on the invoice, shall credit directly to the electronic credit ledger and the validity of the useful life of such goods shall extend upto five years from the date of the invoice for such goods: Provided that where any capital goods earlier covered under clause (a) is subsequently covered under this clause, input tax in respect of such capital goods denoted as ‘A’ shal .....

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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

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..... ts, construction of which is exempt from tax plus aggregate carpet area of the apartments, construction of which is not exempt from tax, but are identified by the promoter to be sold after issue of completion certificate or first occupation, whichever is earlier; F= aggregate carpet area of the apartments in the project; Explanation1: In the tax period in which the issuance of completion certificate or first occupation of the project takes place, value of E shall also include aggregate carpet area of the apartments, which have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier. Explanation 2: Carpet area of apartments, tax on construction of which is paid or payable at the rates specified for items (i), (ia), (ib), (ic) or (id), against serial number 3 of the Table in notification No. 11/2017-Central Tax (Rate) published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated 28th June, 2017 vide GSR No. 690 (E) dated 28th June, 2017, as amended, shall be taken into account for calculation of value of “E‟ in view of Explanation (iv) in paragraph 4 of the notification No. .....

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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

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..... s which was exempt from tax; and V2 is the total value of supply of such apartments which was taxable E3 = aggregate carpet area of the apartments, construction of which is not exempt from tax, but have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier: F= aggregate carpet area of the apartments in the project; Tcfinal = aggregate of Afinal in respect of all capital goods used in the project and Afinal for each capital goods shall be calculated as under, Afinal= A x (number of months for which capital goods is used for the project/ 60) and,- (a) where value of Tefinal exceeds the aggregate of amounts of Te determined for each tax period under sub-rule (1), such excess shall be reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03 in the month not later than the month of September following the end of the financial year in which the completion certificate is issued or first occupation takes place of the project and the said person shall be liable to pay interest on the said excess amount at the rate specified in sub-section (1) of section 50 for the period starting from the first day of .....

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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

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..... n and Development) Act, 2016 (16 of 2016); (iv) the term “Residential Real Estate Project (RREP)” shall mean a REP in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP; (v) the term “promoter” shall have the same meaning as assigned to it in in clause (zk) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); (vi) “Residential apartment” shall mean an apartment intended for residential use as declared to the Real Estate Regulatory Authority or to competent authority; (vii) “Commercial apartment” shall mean an apartment other than a residential apartment; (viii) the term "competent authority” as mentioned in definition of “residential apartment”, means the local authority or any authority created or established under any law for the time being in force by the Central Government or State Government or Union Territory Government, which exercises authority over land under its jurisdiction, and has powers to give permission for development of such immovable property; (ix) the term “Real Estate .....

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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

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..... upply of services specified in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 42/2017-Integrated Tax (Rate), dated the 27th October, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number GSR 1338(E) dated the 27th October, 2017;" 5. Inserted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 6. Inserted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 7. Inserted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 8. Inserted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 9. Substituted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 before it was read as "Provided" 10. Inserted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 11. Substituted vide Notification No. 16/2019 - Central Tax dated 29-03-2019 w.e.f 01-04-2019 before it was read as "(2) The amount Te shall be computed separately for central tax, State tax, Union territory tax and integrated tax." 12. Re-numbered vide Notification .....

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Rule 43 - Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Central Goods and Services Tax Rules, 2017

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