The Respondent opted for GST at 5% without ITC as per ...

Reversal of ITC and opting for lower GST rate resolves tax liability dispute for real estate project.

Case Laws GST

October 3, 2024

The Respondent opted for GST at 5% without ITC as per Notification No. 03/2019-Central Tax (Rate) and reversed all available ITC pertaining to the financial years 2017-2018 and 2018-2019 from April 2019 onwards. The Respondent also reversed ITC availed due to delay in payments to suppliers beyond 180 days and excess ITC availed wrongly, resulting in negative credit during the post-GST period. The Respondent did not retain any ITC related to the 'Ireo Waterfront' project and reversed all ineligible ITC. Post-GST, no additional ITC benefit accrued to the Respondent for the 'Ireo Waterfront' project. Consequently, the provisions of Section 171(1) of the CGST Act, 2017 are not attracted, and the proceedings were dropped.

View Source

← Previous Next →

The Respondent opted for GST at 5% without ITC as per ...

Reversal of ITC and opting for lower GST rate resolves tax liability dispute for real estate project.

Case Laws GST

October 3, 2024

You may also like:

This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

The respondent commenced a real estate project "Swastik Heights" in the post-GST regime, with commencement certificate issued on 08.03.2018 and GST registration...

Profiteering - construction services - The registration and approval of the projects and receipt of the payments had taken place in the post-GST regime and hence, there...

GST rates on supply of affordable and non-affordable residential apartments in a real estate project (REP) are 1.5% and 7.5% respectively, while commercial apartments...

Rate of tax - Whether different rates of GST can be levied to affordable and non-affordable residential apartments in a single project/ building that is being developed...

Availing and utilization of Input Tax Credit - The applicant had initially opted to pay GST at a lower rate without availing full ITC on goods and services used in their...

Profiteering - construction of project - benefit of ITC not passed on to the buyers - all the relevant events for the project “Epic” took place in GST regime and the...

CGST rate of certain goods prescribed for real estate sector

Entitlement to claim input tax credit - The AAR concluded that the applicant is not entitled to claim ITC for expenses incurred specifically for the restaurant service...

Profiteering - purchase of Duplex Row House - it is alleged that the Respondent had not passed on the benefit of ITC although he had charged GST @12% w.e.f. 01.07.2017...

Rate of GST - construction and sale of villas - From the definition of the term “apartment”; “residential apartment” “real estate project” and “promoter”, it is clear...

Advance Ruling application on maintainability - Reversal of input tax credit to extent of tax element in credit note - no agreement between parties on credit notes not...

Levy of service tax - real estate agent - collecting transfer/administrative charges - Referring to precedents, the Tribunal affirmed that charges for changes in...

The High Court held that the petitioner was eligible to apply under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, for resolving legacy tax disputes. The...

Recommendations of the 33rd GST Council meeting - Real estate sector - GST fixed @1% in case of affordable housing properties and 5% without ITC in other residential properties.

Quick Updates: