Transitional provisions for vat Set off in case of construction of residential complex service
Query (Issue) Started By: – Subodh Modak Dated:- 26-8-2017 Last Reply Date:- 27-8-2017 Goods and Services Tax – GST
Got 4 Replies
GST
Under maharashtra value added tax developers and builders were not allowed any Set off. The incomplete work is carried forward as work in progress. Do they will be entitled for credit of vat amount paid in last 12 months? And the Central exise amount paid separately or otherwise ? Please clarify
\nReply By KASTURI SETHI:
\nThe Reply:
\nIn case VAT returns have no closing balance of input credit on account of VAT, they cannot carry forward via TRANS-1. However, the issue is worth raising to the Board. If yo<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n llowed to take credit where the said amount of credit relates to units not entitled to claim set-off under rule 79 of the Maharashtra Value Added Tax Rules, 2005 ." = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Transitional provisions for vat Set off in case of construction of residential complex service Query (Issue) Started By: – Subodh Modak Dated:- 26-8-2017 Last Reply Date:- 27-8-2017 Goods and Services Tax – GSTGot 4 RepliesGSTUnder maharashtra value added tax developers and builders were not allowed any Set off. The incomplete work is carried forward as … Continue reading “Transitional provisions for vat Set off in case of construction of residential complex service”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7464","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7464"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7464\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nYou have stated that under Maharashtra value added tax developers and builders were not allowed any Set off. Therefore in view of the above provision you will not be entitled for credit of vat amount paid in last 12 months.
\nUnder CGST Act, 2017 Section 140 (1) (iii) states that "the registered person shall not be allowed to take credit where the said amount of credit relates to goods manufactured and cleared under such exemption notifications as are notified by the Government."
\nThere is a difference between the CGST Act and Maharashtra SGST Act, 2017. As far as<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n