Input tax attribution rules for real estate projects clarified; project wise reconciliation and reversals required on completion. Amendments require project-wise calculation and final reconciliation of input tax credit and common credit for construction services by using carpet area ratios (E/F) and specified aggregates (C3, D1, D2, Te, Tc). Excess credit determined on finalisation must be reversed via FORM GSTR-3B or FORM DRC-03 and shortfalls claimed as credit by the September return following the financial year in which the completion certificate is issued or first occupation occurs; interest applies to reversals. Separate formulae address commercial portions and assignment where inputs or capital goods serve multiple projects.
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Input tax attribution rules for real estate projects clarified; project wise reconciliation and reversals required on completion.
Amendments require project-wise calculation and final reconciliation of input tax credit and common credit for construction services by using carpet area ratios (E/F) and specified aggregates (C3, D1, D2, Te, Tc). Excess credit determined on finalisation must be reversed via FORM GSTR-3B or FORM DRC-03 and shortfalls claimed as credit by the September return following the financial year in which the completion certificate is issued or first occupation occurs; interest applies to reversals. Separate formulae address commercial portions and assignment where inputs or capital goods serve multiple projects.
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