Real estate GST rules revised: project-level ITC apportionment using E/F carpet-area ratios and updated GST forms. Rule 42 and related provisions require project-level computation and finalisation of input tax credit and apportionment for construction services under Schedule II clause (b), using E/F ratios based on aggregate carpet areas (including special treatment for apartments booked on or before completion certificate/first occupation), with reversals or claims to be effected via FORM GSTR-3B or FORM DRC-03 within specified return periods; parallel amendments to rule 43 align capital goods common credit calculations, and Rule 88A prescribes utilization order of ITC prioritising integrated tax.
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Real estate GST rules revised: project-level ITC apportionment using E/F carpet-area ratios and updated GST forms.
Rule 42 and related provisions require project-level computation and finalisation of input tax credit and apportionment for construction services under Schedule II clause (b), using E/F ratios based on aggregate carpet areas (including special treatment for apartments booked on or before completion certificate/first occupation), with reversals or claims to be effected via FORM GSTR-3B or FORM DRC-03 within specified return periods; parallel amendments to rule 43 align capital goods common credit calculations, and Rule 88A prescribes utilization order of ITC prioritising integrated tax.
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