Builder reversed ITC before receipt of CC/OC to deny ITC benefit to home buyers

Rule 42 of the CGST Rules, 2017 lays down the mode of computation of mandatory reversal of the unutilized input tax credits in respect of unsold flats/shops of a real estate project at the time of receipt of completion Certificate (CC)/ occupancy certificate (OC) or on the date of first occupancy, whichever is earlier.

from TaxGuru https://ift.tt/2N6ixKf
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