“If one were to summarize notification 12/2017, it states that there
would be no refund of UNUTILIZED INPUT TAX CREDIT to tax payers who are in the
business of construction of a complex, building, civil structure or a part
thereof, including a complex or building intended for sale to a buyer, wholly
or partly, EXCEPT WHERE THE ENTIRE CONSIDERATION HAS BEEN received after
issuance of completion certificate, where required, by the competent authority
or after its first occupation, WHICHEVER IS EARLIER.”
would be no refund of UNUTILIZED INPUT TAX CREDIT to tax payers who are in the
business of construction of a complex, building, civil structure or a part
thereof, including a complex or building intended for sale to a buyer, wholly
or partly, EXCEPT WHERE THE ENTIRE CONSIDERATION HAS BEEN received after
issuance of completion certificate, where required, by the competent authority
or after its first occupation, WHICHEVER IS EARLIER.”
Implicitly, there seems to be
an uncertainty about the point of time when, -also as to whether or not,- the taxpayer
could be finally found to have utilized the input tax credit. If so, how then,
and when, the consumer/purchaser is going
to be assured of/ realize the intended benefit
of avoidance of cascading tax effect.
an uncertainty about the point of time when, -also as to whether or not,- the taxpayer
could be finally found to have utilized the input tax credit. If so, how then,
and when, the consumer/purchaser is going
to be assured of/ realize the intended benefit
of avoidance of cascading tax effect.
May be, service tax experts have a clue, to enlighten!
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