Im working under Construction company , Here we are opted for new GST Rates of 1% or 5 % without ITC . We have ITC balance in electronic ledger ( after reversal of ITC ) based on Carpet area . 1. Can i claim refund ITC or can adjust against output from April 2019 2. If i reversed full amount of electronic ledger , is there any interest to pay
08 August 2019
The Balance of Input Tax Credit if held shall lapse
Notification No- 2/2019- Central Tax Rate deals with taxation on Composite Dealers engaged in supply of Services
The Registered Person who has availed the Input Tax Credit however now opts to pay the tax under this notification, shall pay an amount equivalent to credit of Input Tax in respect of Inputs held in stock, semi-finished and finished stocks and on capital goods.
The payment shall be made by debit of the Electronic Credit Ledger or Electronic Cash Ledger.
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