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TMI BlogReversal of ITCX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir/madam If a builder sales his flats before OC and after OC and also Sales developed plots. In GSTR 3B , the figures of sale of plot shows as exempted supply. Then is he required to reverse ITC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proportionate to the exempted supply of sale of plots as per Rule 42 / 43 ? - Reply By Shilpi Jain - The Reply = As per section 17(3) of the CGST Act, 2017 , the value of sale of land will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of value of exempt supply for the purposes of ITC reversal. - Reply By Shilpi Jain - The Reply = In GSTR 3B sale of land should be shown as non-GST supply and not exempt supply - Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rajesh Kumar - The Reply = Is ITC to be reversed on proportional to the value of sale of plots as per rule 42 ? - Reply By CAHemanth Kumar - The Reply = Yes only common credit pertaing to sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f plots we need to do ITC reversal under rule 42 - Reply By KASTURI SETHI - The Reply = I support the views of both experts. - Reversal of ITC - Query Started By: - Rajesh Kumar Dated:- 17-12-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 021 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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