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TMI BlogManner of determination of input tax credit in respect of inputs or input services and reversal thereofX X X X Extracts X X X X X X X X Extracts X X X X ..... , be denoted as T 2 ; (d) the amount of input tax, out of T , in respect of inputs and input services on which credit is not available under sub-section (5) of section 17, be denoted as T 3 ; (e) the amount of input tax credit credited to the electronic credit ledger of registered person, be denoted as C 1 and calculated as- C 1 = T- (T 1 +T 2 +T 3 ); (f) the amount of input tax credit attributable to inputs and input services intended to be used exclusively for effecting supplies other than exempted but including zero rated supplies, be denoted as T 4 ; 2 [ Explanation: For the purpose of this clause, it is hereby clarified that in case of supply of services covered by clause (b) of paragraph 5 of Schedule II of the said Act, value of T4 shall be zero during the construction phase because inputs and input services will be commonly used for construction of apartments booked on or before the date of issuance of completion certificate or first occupation of the project, whichever is earlier, and those which are not booked by the said date. ] (g) T 1 , T 2 , T 3 and T 4 shall be determined and declared by the registered person 12 [ **** ] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble, the value of E/F shall be calculated by taking values of E and F of the last tax period for which the details of such turnover are available, previous to the month during which the said value of E/F is to be calculated; Explanation: For the purposes of this clause, it is hereby clarified that the aggregate value of exempt supplies and the total turnover shall exclude the amount of any duty or tax levied under entry 84 1 [ and entry 92A ] of List I of the Seventh Schedule to the Constitution and entry 51 and 54 of List II of the said Schedule; (j) the amount of credit attributable to non-business purposes if common inputs and input services are used partly for business and partly for non-business purposes, be denoted as D 2 , and shall be equal to five per cent. of C 2 ; and (k) the remainder of the common credit shall be the eligible input tax credit attributed to the purposes of business and for effecting supplies other than exempted supplies but including zero rated supplies and shall be denoted as C 3 , where,- C 3 = C 2 - (D 1 +D 2 ); 7 [ (l) the amount C3 D1‟ and D2‟ shall be computed separately for input tax credit of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject which commences on or after 1st April, 2019, which did not undergo or did not require transition of input tax credit consequent to change of rates of tax on 1st April, 2019 in accordance with notification No. 11/2017- Central Tax (Rate), dated the 28th June, 2017, published vide GSR No. 690(E) dated the 28th June, 2017, as amended for the entire period from the commencement of the project or 1stJuly, 2017, whichever is later, to the completion or first occupation of the project, whichever is earlier, before the due date for furnishing of the return for the month of September following the end of financial year in which the completion certificate is issued or first occupation takes place of the project, in the manner prescribed in the said sub-rule, with the modification that value of E/F shall be calculated taking value of E and F as under: E= aggregate carpet area of the apartments, construction of which is exempt from tax plus aggregate carpet area of the apartments, construction of which is not exempt from tax, but which have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier: F= aggregate carpe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the tax periods starting from 1st July, 2017 to 31st March, 2019, x (AC / AT)] + [ aggregate of amounts of C3 determined under sub- rule (1)for the tax periods starting from 1st April, 2019 to the date of completion or first occupation of the project, whichever is earlier] Where, - A C = total carpet area of the commercial apartments in the project A T = total carpet area of all apartments in the project (b) The amount of final eligible common credit on commercial portion in the project (C3final_comm) shall be calculated as under C3 final_comm =C3 aggregate_comm x (E/ F) Where, - E = total carpet area of commercial apartments which have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier. F = A C = total carpet area of the commercial apartments in the project (c) where, C3 aggregate_comm exceeds C3 final_comm , such excess shall be reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03 in the month not later than the month of September following the end of the financial year in which the completion certificate is issued or first occupation takes pl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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