Input tax credit allocation for construction projects: carpet area ratios and project wise apportionment govern credit calculation and reversals. Amendments clarify that value of assets means the entire business assets and establish project wise methods for apportioning and finally calculating input tax credit for construction services under Schedule II(b). They prescribe carpet area based ratios (E/F and related measures) and formulae (C3aggregate_comm, C3final_comm, Tefinal, Tcfinal, Afinal) to allocate common credit between exempt and taxable supplies and between residential and commercial portions, require reversals or credit claims via FORM GSTR-3B or FORM GST DRC-03 with specified timelines and interest consequences, mandate reasonable attribution where inputs span projects, and insert definitions and new procedural forms for assessment and demand summaries.
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Input tax credit allocation for construction projects: carpet area ratios and project wise apportionment govern credit calculation and reversals.
Amendments clarify that value of assets means the entire business assets and establish project wise methods for apportioning and finally calculating input tax credit for construction services under Schedule II(b). They prescribe carpet area based ratios (E/F and related measures) and formulae (C3aggregate_comm, C3final_comm, Tefinal, Tcfinal, Afinal) to allocate common credit between exempt and taxable supplies and between residential and commercial portions, require reversals or credit claims via FORM GSTR-3B or FORM GST DRC-03 with specified timelines and interest consequences, mandate reasonable attribution where inputs span projects, and insert definitions and new procedural forms for assessment and demand summaries.
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