Page 116 - GSTL_23rd July 2020_Vol 38_Part 4

482 GST LAW TIMES [ Vol. 38
(3) In case of supply of services covered by clause (b) of paragraph 5 of
the Schedule II of the Act, the input tax determined under sub-rule (1) shall
be calculated finally, for each ongoing project or project which commences
on or after 1st April, 2019, which did not undergo or did not require transi-
tion of input tax credit consequent to change of rates of tax on 1st April,
2019 in accordance with notification No. 11/2017-Central Tax (Rate), dated
the 28th June, 2017, published vide GSR No. 690(E), dated the 28th June,
2017, as amended for the entire period from the commencement of the pro-
ject or 1st July, 2017, whichever is later, to the completion or first occupa-
tion of the project, whichever is earlier, before the due date for furnishing of
the return for the month of September following the end of financial year in
which the completion certificate is issued or first occupation takes place of
the project, in the manner prescribed in the said sub-rule, with the modifi-
cation that value of E/F shall be calculated 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 which have not
been booked till the date of issuance of completion certificate or first
occupation of the project, whichever is earlier :
F = aggregate carpet area of the apartments in the project;
and, -
(a) where the aggregate of the amounts calculated finally in re-
spect of “D 1” and “D 2” exceeds the aggregate of the amounts
determined under sub-rule (1) in respect of “D 1” and “D 2”,
such excess shall be reversed by the registered person in
FORM GSTR-3B or through FORM GST DRC-03 in the month
not later than the month of September following the end of the
financial year in which the completion certificate is issued or
first occupation of the project takes place and the said person
shall be liable to pay interest on the said excess amount at the
rate specified in sub-section (1) of section 50 for the period
starting from the first day of April of the succeeding financial
year till the date of payment; or
(b) where the aggregate of the amounts determined under sub-
rule (1) in respect of “D 1” and “D 2” exceeds the aggregate of
the amounts calculated finally in respect of “D 1” and “D 2”,
such excess amount shall be claimed as credit by the regis-
tered person in his return for a month not later than the month
of September following the end of the financial year in which
the completion certificate is issued or first occupation takes
place of the project.
(4) In case of supply of services covered by clause (b) of paragraph 5 of
Schedule II of the Act, the input tax determined under sub-rule (1) shall be
calculated finally, for commercial portion in each project, other than resi-
dential real estate project (RREP), which underwent transition of input tax
credit consequent to change of rates of tax on the 1st April, 2019 in accord-
ance with notification No. 11/2017-Central Tax (Rate), dated the 28th June,
2017, published vide GSR No. 690(E), dated the 28th June, 2017, as amend-
ed for the entire period from the commencement of the project or 1st July,
2017, whichever is later, to the completion or first occupation of the project,
whichever is earlier, before the due date for furnishing of the return for the
month of September following the end of financial year in which the com-

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