- No refund of unutilized input tax credit allowed under sub-section (3) of section 54 of the Central Goods and Services Tax Act for certain supplies.
- Earlier, this applied to services specified in sub-item (b) of item 5 of Schedule II of the Central Goods and Services Tax Act.
- CBIC has now amended the Notification No. 15/2017-Central Tax (Rate) dated June 28, 2017.
- The amendment now applies to the supply of construction of a complex, building, or a part thereof, intended for sale to a buyer, wholly or partly, where the amount charged from the recipient of service includes the value of land or undivided share of land, except where the entire consideration has been received after issuance of completion certificate or after its first occupation, whichever is earlier.
- The Notification will be effective from October 20, 2023.
- Similar notifications have been passed under the Integrated Goods and Services Tax Act, 2017 and the Union Territory Goods and Services Tax Act, 2017.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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