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9 pilgrims burnt to death as bus catches fire near Nuh in HaryanaSpain denies dock permission to ship carrying arms to Israel12 Unicorns, over 125 startups commit to onboarding ONDCBEML secures Rs 250 crore order from Northern Coal FieldsBharat Parv celebration takes centerstage at Cannes Film FestivalSteel industry should work towards reducing emissions: Steel SecretaryI-T - Additions framed on account of unexplained cash credit & unexplained money, are not tenable where cash deposits & withdrawals were of personal funds & were done through banking channels: ITATUS says not too many vibrant democracies in the world than IndiaI-T - Benefit of section 11(2) can not be denied merely on reasoning that form 10 is filed belatedly: ITATSwati Maliwal case takes new turn with Kejriwal’s assistant Bibhav Kumar filing FIR against herI-T- Unexplained money - Additions sustained as assessee unable to provide proper explanation for amount withdrawn & subsequently deposited into same bank account: ITATIndia says Chabahar Port to benefit Central Asia and AfghanistanRussia seizes Italy’s UniCredit assets worth USD 463 mnCus - Order re-determining transaction value based on CRCL test report is not correct & hence unsustainable: CESTATPutin says NO to Macron’s call for ceasefire in Ukraine during OlympicsCus - If price is not sole consideration for sale, then transaction value can be rejected under Rule 8 of Export Valuation Rules & then must be redetermined sequentially through Rules 4 to 6: CESTATBrazil to host women’s World Cup 2027Cus - If there is additional consideration for sale, then proper course for the officer is to reject transaction value & re-determine value under Rule 4 or Rule 5 or Rule 6 sequentially: CESTATSC upholds ICAI rules capping number of audits per year

MESSAGE BOARD

   

Treading the GST Path – XXXI - ITC on Capital Goods & Rule 43


Input Tax Credit to builders under transitional provisions

Though u/s 140(3) of the CGST Act, a registered person who was providing works contract service and was availing of the benefit of Notfn. No. 26/2012-ST dt. 20/06/12, is entitled for input tax credit in respect of inputs in stock, and the inputs contained in "Semi finished goods or finished goods held in stock on the appointed day", can the semi-finished buildings or finished buildings, as on 01/07/2017 and in respect of construction of which GST is payable, be treated as semi finished goods or finished goods for the purpose of Section 140(3)? A plain reading of this section would show that transitional credit to builders and building contractors is available only in respect of inputs lying in stock as on 01/07/17,and not on the inputs - cements, steel bars, etc contained in the buildings under construction as on 01/07/17, as the buildings are not goods . Though Sec 140(3) has been made applicable to building contractors and builders, it has been drafted keeping only the manufacturers in mind.

Rakesh Kumar
Member, CESTAT (retd.)

Demo User 31/08/2017

 

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