Reversal of ITC

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....eversal of ITC<br> Query (Issue) Started By: - Rajesh Kumar Dated:- 17-12-2021 Last Reply Date:- 28-1-2022 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>Sir/madam If a builder sales his fla....

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....ts before OC and after OC and also Sales developed plots. In GSTR 3B, the figures of sale of plot shows as exempted supply. Then is he required to reverse ITC proportionate to the exempted supply of s....

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....ale of plots as per Rule 42/43 ? Reply By Shilpi Jain: The Reply: As per section 17(3) of the CGST Act, 2017, the value of sale of land will be part of value of exempt supply for the purposes of ITC....

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.... reversal. Reply By Shilpi Jain: The Reply: In GSTR 3B sale of land should be shown as non-GST supply and not exempt supply Reply By Rajesh Kumar: The Reply: Is ITC to be reversed on proportional ....

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....to the value of sale of plots as per rule 42 ? Reply By CAHemanth Kumar: The Reply: Yes only common credit pertaing to sale of plots we need to do ITC reversal under rule 42 Reply By KASTURI SETHI:....

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.... The Reply: I support the views of both experts.<br> Discussion Forum - Knowledge Sharing ....