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Reversal of Input Tax Credit by a builder - Goods and Services Tax - GSTExtract Friends : Nature of business : Construction and sale of flats The Credit availed during FY 18-19 and FY 19-20 is Rs. 1.5 Crores in Total Completion Certificate received during October 2020 Proportion of Carpet area of units unsold as on the date of CC = 30% Credit available from April 2020-October 2020 : Rs. Nil Credit availed from April 2020 -October 2020 :0 In the given scenario above, what should be the amount of input tax credit that is required to be reversed, if at all. Reference to section/notification and judgments will be of great help.
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