Input tax credit allocation rules revised, with project wise E/F calculations and mandatory GSTR 3B/DRC 03 adjustments clarified. The amendments clarify that value of assets means all business assets irrespective of ITC availed; require project-wise E/F calculations for construction services to allocate exempt and taxable portions using carpet-area based formulas and include unbooked or partly taxable apartments; mandate separate computation for central, State/Union territory and integrated tax components; and require reversals or credit claims via FORM GSTR-3B or FORM DRC-03 with interest where applicable. They also establish order of utilization of ITC prioritising integrated tax and substitute assessment, demand and rectification forms and procedures including FORM GST DRC-01/02/07/08 and ASMT series.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit allocation rules revised, with project wise E/F calculations and mandatory GSTR 3B/DRC 03 adjustments clarified.
The amendments clarify that value of assets means all business assets irrespective of ITC availed; require project-wise E/F calculations for construction services to allocate exempt and taxable portions using carpet-area based formulas and include unbooked or partly taxable apartments; mandate separate computation for central, State/Union territory and integrated tax components; and require reversals or credit claims via FORM GSTR-3B or FORM DRC-03 with interest where applicable. They also establish order of utilization of ITC prioritising integrated tax and substitute assessment, demand and rectification forms and procedures including FORM GST DRC-01/02/07/08 and ASMT series.
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