TaxTMI 
TaxTMI 
Credit allowability in case of Builders
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....redit allowability in case of Builders<br> Query (Issue) Started By: - ROHIT GOEL Dated:- 11-10-2018 Last Reply Date:- 17-1-2019 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>One of our clie....
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....nt (assessee company) is engaged in the activity of building and developing commercial complex. Out of shops constructed therein some shops were sold out while construction on which service tax has be....
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....en paid in full and some were sold after date of project completion on which no service tax has been paid and remaining shops are held as inventory as of now. Credit of ITC availed has been reversed o....
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....n such shops which were sold after date of completion. Unsold shops have been let out on which GST has been paid. Remaining credit of service tax has been utilized for paying GST on rental value. No....
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....w department has asked to reverse the entire credit along with interest from the date of project completion to the date of reversal. Is it correct as per law to reverse the entire credit on the date ....
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....of project completion itself or we can utilise such credit for paying GST on rental value. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: What is the contention of the department for reversal? Repl....
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....y By HariKishan Bhonagiri: The Reply: Logically may be correct but there is no legal bar on claiming of that ITC.<br> Discussion Forum - Knowledge Sharing ....