If A Company provides Construction Services and Company claimed itc on Puchase of items during construction. Company received advance amount including Gst against flat sale booking.
My question is,
Can Company adjust gst input tax credit against amount received on advance.
Please Suggest me with proper Section No. and guidelines.
Thanks.
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Input tax Credit under Construction Services
Replies (2)
Yes, but only for under-construction properties when it is in course of 'furtherance of business'.
Read: Excerpt from the Press Release dated 15.06.2017
" This will change under GST. Under GST, full input credit would be available for offsetting the headline rate of 12%. As a result, the input taxes embedded in the flat will not (& should not) form a part of the cost of the flat. The input credits should take care of the headline rate of 12% and it is for this reason that refund of overflow of input tax credits to the builder has been disallowed."
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