TaxTMI 
TaxTMI 
RESTRICTION ON INPUT TAX CREDIT TO DEVELOPERS
X X X X Extracts X X X X
X X X X Extracts X X X X
....ESTRICTION ON INPUT TAX CREDIT TO DEVELOPERS<br> Query (Issue) Started By: - YUWRAJ KOTHARI Dated:- 25-7-2017 Last Reply Date:- 26-7-2017 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>IN CAS....
X X X X Extracts X X X X
X X X X Extracts X X X X
....E OF DEVELOPERS TAKEN FULL CREDIT OF ITC BUT SUPPLY/ SALES EFFECTED 50% ONLY AND THERE IS NO BALANCE IN INPUT CREDIT LEDGER.NOW OBTAIN OCCUPATION CERTIFICATE (O.C) THUS NOT REQUIRED TO PAY GST. WHETHE....
X X X X Extracts X X X X
X X X X Extracts X X X X
....R AMOUNTS TO EXEMPT SUPPLY POST O.C ??? AND THUS REQUIRE TO REVERSE PROPORTIONATE ITC TAKEN (REFER SEC 17(3)) ALSO WHETHER MEANING THAT CAN BE DEEMED INPUT AFTER OBTAINING O.C SHALL BE RESTRICTED SHO....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ULD BE APPLIED??? Reply By KASTURI SETHI: The Reply: Note the language of Sechedule-II, Section 7 of CGST Act. ".................................except where the entire consideration is recei....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ved after issuance of completion-certificate, where required by the competent authority or after its first occupation, whichever is earlier." The condition for eligibility of exemption from GST ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....is that ENTIRE Consideration is received after......". You are not eligible for exemption. Reply By HimansuSekhar Sha: The Reply: If some of the flats are not booked before occupancy the on th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ose flats no gst is aspplicable. Reverse tyheproportionate credit. Reply By HimansuSekhar Sha: The Reply: On those flats you have received advance before occupancy certificate , you are liuabnle ty....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o past gst till final consideration<br> Discussion Forum - Knowledge Sharing ....