one of my client deals in real estate sector He received B U on 18/09/2017 During months of Oct 2017 he received Rs.50k as flat booking no GST will be levied on the same
but now what will be the impact on GST / Service Tax Credit Taken on the same while constructing entire Build
should i have to reverse the credit ?
Dear Meet Shah,
We just require reversing the credit belonging to such building however if we have any common credit then we need to reverse the same proportionately as per ITC rules.
Further, the department can ask us to pay the interest on the ITC utilized towards any other supplies but such issues can be fought against the department.
CAclubindia
