Input Tax Credit reversal under rules 42/43

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..... Input Tax Credit reversal under rules 42/43
Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 28-2-2022 Last Reply Date:- 2-3-2022 Goods and Services Tax - GST
Got 2 Replies
GST

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..... >It is not clear when the Input Tax Credit reversal is to be done as per Rule 42 and Rule 43 of CGST Rules for Villa Projects. In the case of villa projects, one villa might have been completed and e .....

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..... ven occupied while many other villas would not have been completed nor sold also. Invariably there is no statutory requirement to obtain Completion Certificate (CC) or Occupancy Certificate (OC). Pl .....

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..... ease clarify. Reply By KASTURI SETHI: The Reply: As per serial no. 5 (b) and Explanation (1) of Schedule-II (Section 7) of CGST Act, Completion Certificate by the Competent Authority is required. R .....

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..... eply By Shilpi Jain: The Reply: Pls check whether the project is registered under RERA as one complete project comprising of all the villas together? In such case entire project CC would be require .....

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..... d. In any case the reversal under rules can be possibily be done only after all the villas are completed. Further facts required to better comment
Discussion Forum - Knowledge Sharing .....

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