No refund of Accumulated ITC in case of Builder
GST Notification issued for No refund of Accumulated ITC in case of Builder. Government has amend the Notification No 15/2017 -Central tax (Rate) dated 28-06-2017 which is effective from 20-10-2023.
In simple words the government saying that if you are in the business of constructing and selling buildings or parts of buildings and you have included the cost of land in what you charge to your customers. you will not get Refund for any unused tax credit you may have. Even if you have received all the payment for your construction work either after the Government has approved your construction project by issuing completion certificate or after someone has started living or working in building whichever happens first.
By this amendment Government has fixed that with effect from 20-10-2023, No refund of accumulated ITC for service specified above, so in future there may not have any litigation for the same.
