Ravi SADhiyan (Practice) (4510 Points)
05 December 2018Mr. Radheshyam is a builder. who contrction a complex of 50 Unite.
He Purchased Material & Service at availed credit in every month of ITC . He sold 30 Unite ( Taxable ) before completion of complex and pay gst and balance 20 Unite sale ( Non Taxable ) after receive completion certificate from Munciple Corporation
My Query is that he availed ITC on whole material & service whether any penalty and interest levy
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 December 2018
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 06 December 2018
| Originally posted by : Pankaj Rawat | ||
 |
Yes interest is applicable Sale of flats after issuance of completion certificate without payment of GST in terms of clause 5 of schedule-III to CGST Act are exempt supplies . Hence As per Section 17 the ITC attributed to Flats sold after completion is to be reversed with Intt. (refer Rule 42, 43) |  |
Dear Sir
At the Starting Point in above question
Builder not an Idea that How Many Flate Sale before Completion certifiacte
So How to Solve Above Problem
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 December 2018
DEAR , builder is liable to reverse ITC only when the flat is sold (after completetion certificate)
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