Real estate input tax rules now require project-wise carpet-area based ITC allocation, reversals, and updated procedural forms. Amendments clarify that value of assets includes entire business assets regardless of ITC availed; impose project-wise, carpet-area based E/F calculations for construction services under Schedule II(b) to determine final ITC allocation, reversal or claim (using FORM GSTR-3B or FORM GST DRC-03), include special treatment for commercial portions, capital goods and multi-project use, and add definitions for apartment/project/RREP. Procedural changes add Rule 88A on order of ITC utilisation and substitute rules and multiple GST DRC/ASMT forms to standardise notices, assessments, demands, rectifications and timelines effective 1 April 2019.
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Provisions expressly mentioned in the judgment/order text.
Real estate input tax rules now require project-wise carpet-area based ITC allocation, reversals, and updated procedural forms.
Amendments clarify that value of assets includes entire business assets regardless of ITC availed; impose project-wise, carpet-area based E/F calculations for construction services under Schedule II(b) to determine final ITC allocation, reversal or claim (using FORM GSTR-3B or FORM GST DRC-03), include special treatment for commercial portions, capital goods and multi-project use, and add definitions for apartment/project/RREP. Procedural changes add Rule 88A on order of ITC utilisation and substitute rules and multiple GST DRC/ASMT forms to standardise notices, assessments, demands, rectifications and timelines effective 1 April 2019.
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