GST – Started By: – DINESH SHARMA – Dated:- 4-2-2019 Last Replied Date:- 5-2-2019 – IN THE CASE OF REAL ESTATE DEVELOPER A PARTNERSHIP FIRM REGISTERED UNDER GST AND HAS COMPLETED ONE BUILDING. ALSO PURCHASED ANOTHER PLOT OF LAND ON WHICH MULTI STORED TOWER WILL BE DEVELOPED. HOWEVER FOR PARKING ETC IF REQUIRES TO GO DEEP NEARLY MORE THAN 18 MONTH. BOOKING/AGREEMENTS ETC. MAY TAKE TIME. THUS THERE IS ACCUMULATION OF ITC AND NO OUTPUT LIABILITY FOR LONGTIME.IS THERE ANY TIME LIMIT FOR SUCH ACCUMULATION ETC. – Reply By Rajagopalan Ranganathan – The Reply = Sir, According to Section 16 (4) of CGST Act, 2017 a registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services
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