Page 114 - GSTL_23rd July 2020_Vol 38_Part 4

480 GST LAW TIMES [ Vol. 38
(g) ‘T 1’, ‘T 2’, ‘T 3’ and ‘T 4’ shall be determined and declared by the
registered person at the invoice level in FORM GSTR-2 and at
summary level in FORM GSTR-3B;
(h) input tax credit left after attribution of input tax credit under
clause (f) shall be called common credit, be denoted as ‘C 2’
and calculated as -
C 2 = C 1-T 4;
(i) the amount of input tax credit attributable towards exempt
supplies, be denoted as ‘D 1’ and calculated as -
D 1 = (E÷F) x C 2
where,
‘E’ is the aggregate value of exempt supplies during the tax pe-
riod, and
‘F’ is the total turnover in the State of the registered person dur-
ing the tax period :
Provided that in case of supply of services covered by clause
(b) of paragraph 5 of Schedule II of the Act, the value of “E/F”
for a tax period shall be calculated for each project separately,
taking value of E and F as under :-
E = aggregate carpet area of the apartments, construction of
which is exempt from tax plus aggregate carpet area of the
apartments, construction of which is not exempt from tax, but
are identified by the promoter to be sold after issue of comple-
tion certificate or first occupation, whichever is earlier;
F = aggregate carpet area of the apartments in the project;
Explanation 1 : In the tax period in which the issuance of com-
pletion certificate or first occupation of the project takes place,
value of E shall also include aggregate carpet area of the
apartments, which have not been booked till the date of issu-
ance of completion certificate or first occupation of the project,
whichever is earlier;
Explanation 2 : Carpet area of apartments, tax on construction
of which is paid or payable at the rates specified for items (i),
(ia), (ib), (ic) or (id), against serial number 3 of the Table in the
notification No. 11/2017-Central Tax (Rate), published in the
Gazette of India, Extraordinary, Part II, Section 3, Sub-section
(i), dated 28th June, 2017 vide GSR number 690(E), dated 28th
June, 2017, as amended, shall be taken into account for calcula-
tion of value of “E” in view of Explanation (iv) in paragraph 4
of the notification No. 11/2017-Central Tax (Rate), published
in the Gazette of India, Extraordinary, Part II, Section 3, Sub-
section (i), dated 28th June, 2017 vide GSR number 690(E),
dated 28th June, 2017, as amended :
Provided further that where the registered person does not
have any turnover during the said tax period or the aforesaid
information is not available, the value of ‘E/F’ shall be calcu-
lated by taking values of ‘E’ and ‘F’ of the last tax period for
which the details of such turnover are available, previous to
the month during which the said value of ‘E/F’ is to be calcu-
lated;

GST LAW TIMES  23rd July 2020  114