TaxTMI 
TaxTMI 
TaxTMI 
The balance ITC utilisation in Electronic Credit ledger
X X X X Extracts X X X X
X X X X Extracts X X X X
....he balance ITC utilisation in Electronic Credit ledger<br> Query (Issue) Started By: - SRAVANI ASUPALLI Dated:- 5-7-2022 Last Reply Date:- 9-7-2022 Goods and Services Tax - GST<br>Got 2 Replies<br>GST....
X X X X Extracts X X X X
X X X X Extracts X X X X
....<br>Hi I am a developer / builder under JDA . I have ongoing project and i want to claim Input gst How can I utilise the balance in the Electronic credit ledger before it lapses 1. Can I transfer/ut....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ilise the ITC balance to another project 2. Whether another entity in the similar business line can be incorporated and ITC can be transferred to the new entity (Owner being the same for both the enti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ties) 3. Can we flot a new firm and make to subcontract the work or to supply the materials as a trading firm 4. Is there any other way to claim gst . Kindly advice on the same Thanks in advance Re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ply By Shilpi Jain: The Reply: Credit once availed will not lapse. It can be carried forward for any number of years. It can be used for paying GST liability of any other outward supply provided th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ere is no restriction in the law for such usage. So this credit cannot be used for paying the 7.5% tax in any new residential project. Reply By Shilpi Jain: The Reply: However, generally there will....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... not be any huge overflow of credit in any project. So please check if you have done credit reversals done for the sale of units done after the receipt of completion certifcate. Else this will be dem....
X X X X Extracts X X X X
X X X X Extracts X X X X
....anded by deparmtent with interest and penalty<br> Discussion Forum - Knowledge Sharing ....