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<h1>Real estate input tax credit allocation rules updated for construction projects, project-wise finalisation, reversals, and form requirements.</h1> Amendments effective 1 April 2019 revise valuation and prescribe project-wise calculation, finalisation and reporting of input tax credit for construction services under clause (b) of paragraph 5 of Schedule II. They require use of carpet-area based ratios (E/F) and separate treatment for commercial portions, mandate reversals or claims by September following the financial year of completion/first occupation with interest consequences, allocate credit by tax type, permit assignment across multiple projects, and substitute multiple GST forms and procedures including requirement to declare amounts in FORM GSTR-3B or FORM DRC-03.
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