Input tax credit rules for real estate projects, credit utilisation and GST assessment forms updated under the amended framework. The rules amend the input tax credit framework for real estate projects by prescribing project-wise final calculation, reversal and credit adjustment mechanisms, separate computation for central, State, Union territory and integrated tax, and clarified treatment of booked, unbooked, exempted and commercial apartments. They also insert a rule on the order of utilisation of input tax credit, requiring integrated tax credit to be exhausted first. In addition, the amendment substitutes the assessment, demand, rectification and recovery forms and updates the compounding form and related electronic reporting requirements.
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Input tax credit rules for real estate projects, credit utilisation and GST assessment forms updated under the amended framework.
The rules amend the input tax credit framework for real estate projects by prescribing project-wise final calculation, reversal and credit adjustment mechanisms, separate computation for central, State, Union territory and integrated tax, and clarified treatment of booked, unbooked, exempted and commercial apartments. They also insert a rule on the order of utilisation of input tax credit, requiring integrated tax credit to be exhausted first. In addition, the amendment substitutes the assessment, demand, rectification and recovery forms and updates the compounding form and related electronic reporting requirements.
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