https://www.taxtmi.com/forum/issue?id=118993 Formation and sale of plotted sites by a landowner with infrastructure on own land is an exempt supply; ITC claimed on inputs or services used for that exempt site formation must be apportioned and reversed under Rule 42. CBIC clarification confirms ITC on such site formation is not allowable, and any ITC used to discharge tax for those transactions must be reversed with interest. Wrongful tax collected from buyers is regulated as a wrong collection and does not validate ITC claims. en-us Tue, 20 Feb 2024 16:38:42 +0530 Fri, 24 Jan 2025 10:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118993 Formation and sale of plotted sites by a landowner with infrastructure on own land is an exempt supply; ITC claimed on inputs or services used for that exempt site formation must be apportioned and reversed under Rule 42. CBIC clarification confirms ITC on such site formation is not allowable, and any ITC used to discharge tax for those transactions must be reversed with interest. Wrongful tax collected from buyers is regulated as a wrong collection and does not validate ITC claims. Discussion-Forum GST Tue, 20 Feb 2024 16:38:42 +0530 https://www.taxtmi.com/forum/issue?id=118993