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TMI BlogInput Tax Credit reversal under rules 42/43X X X X Extracts X X X X X X X X Extracts X X X X ..... It is not clear when the Input Tax Credit reversal is to be done as per Rule 42 and Rule 43 of CGST Rules for Villa Projects. In the case of villa projects, one villa might have been complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and even occupied while many other villas would not have been completed nor sold also. Invariably there is no statutory requirement to obtain Completion Certificate (CC) or Occupancy Certificate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (OC). Please clarify. - Reply By KASTURI SETHI - The Reply = As per serial no. 5 (b) and Explanation (1) of Schedule-II (Section 7) of CGST Act , Completion Certificate by the Competent Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity is required. - Reply By Shilpi Jain - The Reply = Pls check whether the project is registered under RERA as one complete project comprising of all the villas together? In such case entire pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oject CC would be required. In any case the reversal under rules can be possibily be done only after all the villas are completed. Further facts required to better comment - Input Tax Credit reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsal under rules 42/43 - Query Started By: - Ethirajan Parthasarathy Dated:- 28-2-2022 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.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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