Dear All,
In one of our real estate companies, we have been charging ITC on duplex and flats sold @ 5% but we are setting off the liability against brought forward ITC. we are not claiming any fresh ITC but adjusting against the past ITC brought forward. Now the query is since we are charging GST @ 5%, can this brought forward ITC be claimed or NO ITC be claimed against the liability.
Another query is now during the current year itself, we will be selling some more flats and shopping complexes (another project but under the same company), can we charge GST @ 12% and claim all ITC. Is this switch over from 5% to 12% permissible during the year.
thanks in advance.
CAclubindia
