09 January 2022
Respected Members, I have a query, for a builder on sale of underdeveloped house and charging GST at 5% (without ITC), here without ITC means ITC credit won't be available to builder on his purchases (inputs) or buyers of house cannot claim ITC? I already had accumulated ITC in credit ledger, in case if it no ITC to builder, when i'm filing GSTR 3B credit balance gets set off against liability not cash then how without ITC i can make GST payment? Please Help
09 January 2022
Though the term 5% GST without ITC is applicable to Builder... But for buyer the GST paid is not claimable, as per sec. 17(5) of CGST, it comes under block credit.
CAclubindia
