Input tax credit allocation clarified: project level computation, reversal and finalisation rules for real estate supplies under Bihar GST. The amendment prescribes project level computation and finalisation of input tax credit for construction services by using carpet area based apportionment (E/F) to allocate common credit between exempt, partly exempt and taxable supplies; it mandates reversal or claiming of excess credits in specified returns or through FORM GST DRC 03, requires assignment of inputs used across projects on a reasonable basis, and inserts related explanatory definitions and calculation rules.
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Input tax credit allocation clarified: project level computation, reversal and finalisation rules for real estate supplies under Bihar GST.
The amendment prescribes project level computation and finalisation of input tax credit for construction services by using carpet area based apportionment (E/F) to allocate common credit between exempt, partly exempt and taxable supplies; it mandates reversal or claiming of excess credits in specified returns or through FORM GST DRC 03, requires assignment of inputs used across projects on a reasonable basis, and inserts related explanatory definitions and calculation rules.
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