Gst itc

srinivasa bhanu sankar (Querist) 10 September 2020 This query is : Resolved
Sir
My client is a builder and constructed residential apartment of 120 flats. On dt:10.10.2018 occupation certificate has taken and after that date 80 flats registrations done and prior to OC 40 flats registrations done. Now the department is telling that the assessee has to restrict their ITC in proportion to the flats registered before OC i.e. 33% of the ITC shall be utilised and the remaining shall be disallowed. Please enlighten on this issue.

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A builder constructed a 120-flat residential apartment complex and received the Occupation Certificate (OC) on 10.10.2018. While 80 flats were registered after the OC, 40 were registered before it. The tax department is suggesting that the builder must restrict Input Tax Credit (ITC) to 33% of the total ITC, disallowing the rest, based on the proportion of flats registered prior to the OC. The builder is seeking professional guidance on this matter.

Dr J C Vashista (Expert) 11 September 2020
Commercial query.
You can afford to engage a lawyer, seek professional services of a lawyer.

P. Venu (Expert) 12 September 2020
"My client"! When you professionally engaged, you need to find solutions, professionally.

Rajendra K Goyal (Expert) 13 September 2020
What is ITC, we are aware of IDC (internal development charges)?

Please give clear material facts.

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