Client is a construction company into the business of development of residential complexes. They had a few ongoing sites wherein the construction was completed for more than 50% and there was stock in hand on 1st of July 2017.
Rule 42 and 43 of the CGST rules are applicable for claim of input tax credit wherein the supply is being partly used for the purposes of business and partly for other purposes. In such cases, input tax credit cannot be claimed fully by the taxpayer and part of the input tax credit claim must be reversed. In this article, we look at Rules 42 and 43 of the CGST rules in detail along with procedure for reversing input tax credit claim.
FAFP,FCA, DISA, (ICAI) with 15 years experience
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Economics,Marketing with 26 years of experience
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D-613/614, Neelkanth Business Park, Opp. Railway Station, Vidyavihar(W), Near Ghatkopar, Mumbai 400 086
Office no. 3, Nirlon Complex, Behind Hotel Trimurti, Roha-Kolad Road, Roha- Raigad Pin. 402 116.