Credit allowability in case of Builders

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..... One of our client (assessee company) is engaged in the activity of building and developing commercial complex. Out of shops constructed therein some shops were sold out while construction on which ser .....

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..... vice tax has been paid in full and some were sold after date of project completion on which no service tax has been paid and remaining shops are held as inventory as of now. Credit of ITC availed has .....

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..... been reversed on such shops which were sold after date of completion. Unsold shops have been let out on which GST has been paid. Remaining credit of service tax has been utilized for paying GST on r .....

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..... ental value. Now department has asked to reverse the entire credit along with interest from the date of project completion to the date of reversal. Is it correct as per law to reverse the entire cred .....

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..... it on the date of project completion itself or we can utilise such credit for paying GST on rental value. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = What is the contention of the department .....

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..... for reversal? - Reply By HariKishan Bhonagiri - The Reply = Logically may be correct but there is no legal bar on claiming of that ITC. - Credit allowability in case of Builders - Query Started By .....

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..... : - ROHIT GOEL Dated:- 11-10-2018 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanag .....

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..... ementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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