Input tax credit attribution rules for real estate projects revised through substituted annexures and transition formulae. Corrigendum substitutes Annexure-I, its illustrations, Annexure-II and its illustrations in the Uttarakhand SGST notification on input tax credit attribution for real estate projects. The amended annexures prescribe project-wise formulae for determining eligible credit (Te) and credit to be reversed or taken on transition (Tx) for real estate projects and residential real estate projects, using completion, booking, invoicing, carpet area and transitional credit variables. They also provide special rules where completion is nil, where invoicing or procurement exceeds actual completion or consumption by more than 25 per cent, and where Te is fixed on certified actual consumption.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit attribution rules for real estate projects revised through substituted annexures and transition formulae.
Corrigendum substitutes Annexure-I, its illustrations, Annexure-II and its illustrations in the Uttarakhand SGST notification on input tax credit attribution for real estate projects. The amended annexures prescribe project-wise formulae for determining eligible credit (Te) and credit to be reversed or taken on transition (Tx) for real estate projects and residential real estate projects, using completion, booking, invoicing, carpet area and transitional credit variables. They also provide special rules where completion is nil, where invoicing or procurement exceeds actual completion or consumption by more than 25 per cent, and where Te is fixed on certified actual consumption.
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