Itc calculation in REP Project

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Itc calculation in REP Project
Query (Issue) Started By: - NAMAN DOKANIA Dated:- 22-6-2021 Last Reply Date:- 13-7-2021 Goods and Services Tax - GST
Got 1 Reply
GST
A builder develops a re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... p project in whch 50% residential and 50% is commercial after 01.04.2019. In residential the tax rate is 1% or 5% but in commercial the tax rate is 12%. how the ITC will be calculated for the commerci .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... al portion? How to claim in gst return? Pls xplain Reply By Shilpi Jain: The Reply: Every month any credit will have to be treated as common credit. Then on the basis of carpet area identify the por .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tion of credit pertaining to residential and commercial. That pertaining to residential completely reverse. That pertaining to commercial avail (assuming you are selling these units before completion .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ). In case in commercial portion you are able to ascertain how many units you would be selling post completion, to that extent credit can be reversed every month. Finally, on completion, the credit r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... elating to the commercial portion can be re-worked based on the actual area sold after completion.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X