TaxTMI 
TaxTMI 
Corrigendum - Notification No. 421/2019/4(120)/XXVII(8)/2019/CTR-03 dated 31st May, 2019
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....all projects which commence on or after 1st April, 2019 or ongoing projects in respect of which the promoter has not exercised option to pay State tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, in the prescribed manner, before the due date for furnishing of the return for the month of September following the end of financial year 2018-19, in the following manner: 1. Where % completion as on 31st March, 2019 is not zero or where there is inventory in stock (a) Input tax credit on inputs and input services attributable to construction of residential portion in a REP, which has time of supply on or after 1st April, 2019, may be denoted as Tx. Tx shall be calculated as under: Tx=T-Te Where, (i) T is the total ITC availed (utilized or not) on inputs and input services used in construction of the REP from 1st July, 2017 to 31st March, 2019 including transitional credit taken on 1st July, 2017; (ii) Te is the eligible ITC attributable to (a) construction of commercial portion and (b) construction of residential portion, in the REP which has time of supply on or before 31s....
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.... of commercial and residential apartments in the REP); Wherein T3 = T- (T1+T2) T1 = ITC attributable exclusively to construction of commercial portion in the REP T2 = ITC attributable exclusively to construction of residential portion in the REP and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31.03.2019 and which shall be calculated as under, Tr=(T3 + T2)* F1 * F2 * F3* F4 or Tr= (T-T1)* Fı * F2 * F3* F4 (d) The amounts 'Tx' and 'Te' shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax. . (e) Where, Tx is positive, i.e.Te Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST DRC- 03. Explanation: The registered person may file an application in FORM GST DRC- 20, seeking extension of time for the payment of taxes or any amount due or for allowing payment of such taxes or amount in installments in accordance with the provisions of section 80. The commissioner may issue an order in....
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.... and which shall be calculated as under, Tr = Tn* Fı * F2 * F3 Where, - Tn= Tax paid on such inputs and input services on which ITC is available under the Uttarakhand Goods and Service Tax Act, 2017 received in 2019-20 for construction of REP F1, F2 and F3 shall be the same as in para 1 above (b) The registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of residential portion in the REP, for which he shall not otherwise be eligible, to the extent of the amount of Te. (c) The amount 'Te' shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax. 3. Notwithstanding anything contained in paragraph 1 or paragraph 2 above, Te shall be determined in the following situations as under: (i) where percentage invoicing is more than the percentage completion and the difference between percentage invoicing (per cent. points) and the percentage completion (per cent. points) of construction is more than 25 percent points; the value of percentage invoicing shall be deemed to be percentage completion plu....
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....ments on or before 31.03.2019 20% 16 Total value of supply of residential apartments having t.o.s. prior to transition C14 * C15 4.8 crore 17 ITC to be reversed on transition, Tx= T- Te 18 Eligible ITC (Te)= Tc + Tr 19 T (*see notes below) 1 crore 20 Tc= T x (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP) C19 * (C9/C10) 0.125 crore 21 Tr= Tx F1 x F2 x F3 x F4 22 FI C4/C10 0.875 23 F2 C13/C4 0.533 24 F3 C16/C14 0.200 25 F4 1/C11 5 26 Tr= Tx F1 x F2 x F3 x F4 C19 * C22 * C23 * C24 * C25 0.467 crore 27 Eligible ITC (Te)=Tc + Tr C26 + C20 0.592 crore 28 ITC to be reversed on transition, Tx= T- Te C19 -C27 0.408 crore * Note :- 1. The value of T at C19 has been estimated for illustration based on weighted average tax on inputs. &....
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....C24 * C25 1.400 crore 27 Eligible ITC (Te)=Tc + Tr C26 + C20 1.525 crore 28 ITC to be reversed/ taken on transition, Tx= T- Te C19 - C27 -0.525 crore 29 Tx after application of cap on % invoicing vis-a-vis Pc 30 % completion 20% 31 % invoicing 60% 32 % invoicing after application of cap(Pc + 25%) C11+25% 45% 33 Total value of supply of residential apartments having t.o.s. prior to transition C14*C32 10.80 crore 34 F3 after application of cap C33/C14 0.45 35 Tr= Tx Fl x F2 x F3 x F4 (after application of cap) C19 * C22 * C23 * C34 * C25 1.05 crore 36 Eligible ITC (Te)=Tc + Tr (after application of cap) C20 + C35 1.18 crore 37 ITC to be reversed / taken on transition, Tx= T- Te (after application of cap) C19 - C36 -0.18 crore 38 Tx after application of cap on % invoicing vis-a-vis Pc and payment realisation 39 % in....
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....tilized or not) on inputs and input services used in construction of the RREP from 1st July, 2017 to 31^st March, 2019 including transitional credit taken on 1st July, 2017; (ii) Te is the eligible ITC attributable to construction of commercial portion and construction of residential portion, in the RREP which has time of supply on or before 31^st March, 2019; (b) Te shall be calculated as under: Te=T* F1 * F2 * F3* F4 Where, - FI= Carpet area of residential and commercial apartments in the RREP/Total carpet area of apartments in the RREP (In case of a Residential Real Estate Project, value of "F1" shall be 1.) F2= Total carpet area of residential and commercial apartment booked on or before 31^st March, 2019/Total carpet area of the residential and commercial apartment in the RREP F3= Such value of supply of construction of residential and commercial apartments booked on or before 31^st March, 2019 which has time of supply on or before 31st March, 2019/Total value of supply of construction of residential and commercial apartments booked on or before 31^st March, 2019 (F3 is to account for percentage invoicing of boo....
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.... with the Institution of Engineers (India), can be achieved with the input services received and inputs in stock as on 31^st March, 2019. 2. Where % completion as on 31st March, 2019 is zero but invoicing has been done having time of supply before 31st March, 2019, and no input services or inputs have been received as on 31st March, 2019, "Te" shall be calculated as follows: - (a) Input tax credit on inputs and input services attributable to construction of residential and commercial portion in an RREP, which has time of supply on or before 31^st March, 2019 may be denoted as Te which shall be calculated as under, Te = Tn* Fi * F2 * F3 Where, - Tn= Tax paid on such inputs and input services on which ITC is available under the Uttarakhand Goods and Services Tax Act, 2017 received in 2019-20 for construction of residential and commercial apartments in the RREP. F1, F2 and F3 shall be the same as in para 1 above (b) The registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of residential or commercial portion in the RREP, for which he shall not otherwise be eligible, to t....
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....ts 8 Total carpet area of the residential apartment booked before transition C3 * C7 5600 sqm 9 Value of booked residential apartments C5 * C7 48 crore 10 Percentage invoicing of booked residential apartments on or before 31.03.2019 20% 11 Total value of supply of residential apartments having t.o.s. prior to transition C9 * C10 9.6 crore 12 ITC to be reversed on transition, Tx= T- Te 13 Eligible ITC (Te)=Tx F1 x F2 x F3 x F4) 14 T (*see notes below) 1 crore 15 F1 1 16 F2 C8/ C4 0.8 17 F3 C11/C9 0.2 18 F4 1/ C6 5 19 Eligible ITC (Te)=Tx F1 x F2 x F3 x F4) C14 * C15 * C16 * C17 * C18 0.8 crore 20 ITC to be reversed on transition, Tx= T- Te C14 - C19 0.2 crore *Note :- 1. The value of T at C14 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GST....