Page 117 - GSTL_23rd July 2020_Vol 38_Part 4

2020 ] IN RE : NAVBHARAT LPG BOTTLING COMPANY 483
pletion certificate is issued or first occupation takes place of the project, in
the following manner.
(a) The aggregate amount of common credit on commercial por-
tion in the project (C 3aggregate_comm) shall be calculated as under,
C 3aggregate_comm = [aggregate of amounts of C 3 determined un-
der sub-rule (1) for the tax periods starting
from 1st July, 2017 to 31st March, 2019, x
(A C/A T)] + [aggregate of amounts of C 3 de-
termined under sub-rule (1) for the tax peri-
ods starting from 1st April, 2019 to the date
of completion or first occupation of the pro-
ject, whichever is earlier]
Where, -
A C = total carpet area of the commercial apartments in the
project
A T = total carpet area of all apartments in the project
(b) The amount of final eligible common credit on commercial
portion in the project (C 3final_comm) shall be calculated as under
C 3final_comm =C 3aggregate_comm x (E/F)
Where, -
E = total carpet area of commercial apartments which have not
been booked till the date of issuance of completion certificate
or first occupation of the project, whichever is earlier.
F = A C = total carpet area of the commercial apartments in the
project
(c) where, C 3aggregate_comm exceeds C 3final_comm, 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
takes place of the project 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;
(d) where, C 3final_comm exceeds C 3aggregate_comm, such excess amount
shall be claimed as credit by the registered 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 certifi-
cate is issued or first occupation takes place of the project.
(5) Input tax determined under sub-rule (1) shall not be required to be cal-
culated finally on completion or first occupation of an RREP which under-
went transition 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.
(6) Where any input or input service are used for more than one project,
input tax credit with respect to such input or input service shall be assigned
to each project on a reasonable basis and credit reversal pertaining to each
project shall be carried out as per sub-rule (3)
GST LAW TIMES  23rd July 2020  117