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Reversal of ITC, Goods and Services Tax - GST |
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Reversal of ITC |
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Sir/madam If a builder sales his flats before OC and after OC and also Sales developed plots. In GSTR 3B, the figures of sale of plot shows as exempted supply. Then is he required to reverse ITC proportionate to the exempted supply of sale of plots as per Rule 42/43 ? Posts / Replies Showing Replies 1 to 5 of 5 Records Page: 1
As per section 17(3) of the CGST Act, 2017, the value of sale of land will be part of value of exempt supply for the purposes of ITC reversal.
In GSTR 3B sale of land should be shown as non-GST supply and not exempt supply
Is ITC to be reversed on proportional to the value of sale of plots as per rule 42 ?
Yes only common credit pertaing to sale of plots we need to do ITC reversal under rule 42
I support the views of both experts. Page: 1 Old Query - New Comments are closed. |
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