https://www.taxtmi.com/forum/issue?id=117666 ITC reversal is required on completion or first occupation where flats become exempt; computation uses rule-prescribed formulas, with capital goods adjustments following a capital-asset formula and inputs allocated by project. For projects completed after the relevant date, reversal is calculated on the carpet area of unsold units; project-wise ITC records and stock maintenance are required. Reversal timing is on receipt of completion certificate or first occupation, with obligation to complete by the end of the financial year to limit interest. Advance receipts are treated as advances and refunded via voucher with tax adjustment or refund as applicable. en-us Mon, 29 Nov 2021 19:24:11 +0530 Thu, 23 Jan 2025 15:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117666 ITC reversal is required on completion or first occupation where flats become exempt; computation uses rule-prescribed formulas, with capital goods adjustments following a capital-asset formula and inputs allocated by project. For projects completed after the relevant date, reversal is calculated on the carpet area of unsold units; project-wise ITC records and stock maintenance are required. Reversal timing is on receipt of completion certificate or first occupation, with obligation to complete by the end of the financial year to limit interest. Advance receipts are treated as advances and refunded via voucher with tax adjustment or refund as applicable. Discussion-Forum GST Mon, 29 Nov 2021 19:24:11 +0530 https://www.taxtmi.com/forum/issue?id=117666