Audit of the builder was conducted, they made a para that they have transferred more itc then available in their stock as on 01.07.2017. On 01.07.2017 builder shown some inputs as WIP . So audit is being rejected the itc proportional to the input were WIP
is ITC of WIP was not available for trans1?
Debate on GST transitional credit for WIP: Audit challenges excess ITC transfer; Section 140(6) eligibility discussed. A discussion on transitional credit for work-in-progress (WIP) under the Goods and Services Tax (GST) highlights an audit objection against a builder for allegedly transferring more input tax credit (ITC) than available in stock as of July 1, 2017. One participant cites Section 140(6) of the Central Goods and Services Act, 2017, arguing eligibility for ITC on inputs in WIP. Others note the audit's stance that building is immovable property, thus ineligible for transitional credit, but suggest this can be contested. The debate also touches on the inconsistency in tax treatment of incomplete buildings. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
