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TMI BlogThe balance ITC utilisation in Electronic Credit ledgerX X X X Extracts X X X X X X X X Extracts X X X X ..... The balance ITC utilisation in Electronic Credit ledger X X X X Extracts X X X X X X X X Extracts X X X X ..... T X X X X Extracts X X X X X X X X Extracts X X X X ..... tilise the ITC balance to another project 2. Whether another entity in the similar business line can be incorporated and ITC can be transferred to the new entity (Owner being the same for both the ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities) 3. Can we flot a new firm and make to subcontract the work or to supply the materials as a trading firm 4. Is there any other way to claim gst . Kindly advice on the same Thanks in advance R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply By Shilpi Jain: The Reply: Credit once availed will not lapse. It can be carried forward for any number of years. It can be used for paying GST liability of any other outward supply provided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no restriction in the law for such usage. So this credit cannot be used for paying the 7.5% tax in any new residential project. Reply By Shilpi Jain: The Reply: However, generally there wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l not be any huge overflow of credit in any project. So please check if you have done credit reversals done for the sale of units done after the receipt of completion certifcate. Else this will be de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manded by deparmtent with interest and penalty X X X X Extracts X X X X X X X X Extracts X X X X
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