Input tax credit apportionment for real estate projects clarified; calculation, reversal and reporting obligations and utilization order prescribed. Amendments clarify that value of assets is the full value of business assets regardless of ITC; prescribe detailed, carpet-area based E/F formulas and project-level methods to compute and finally determine input tax credit for construction of apartments, including separate computations by tax heads and transitional provisions for rate changes. Reversals or claims of excess/shortfall are to be reported in FORM GSTR-3B or FORM GST DRC-03 within specified months with interest for delayed reversals. Definitions for project/apartment/RREP and allocation rules for capital goods and inputs used across projects are provided.
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Input tax credit apportionment for real estate projects clarified; calculation, reversal and reporting obligations and utilization order prescribed.
Amendments clarify that value of assets is the full value of business assets regardless of ITC; prescribe detailed, carpet-area based E/F formulas and project-level methods to compute and finally determine input tax credit for construction of apartments, including separate computations by tax heads and transitional provisions for rate changes. Reversals or claims of excess/shortfall are to be reported in FORM GSTR-3B or FORM GST DRC-03 within specified months with interest for delayed reversals. Definitions for project/apartment/RREP and allocation rules for capital goods and inputs used across projects are provided.
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