Background:
Earlier, the Notification No. 15/2017-Central Tax (Rate) dated June 28, 2017 (“the Notification”) stated that no refund of unutilised input tax credit shall be allowed under sub-section (3) of section 54 of the said Central Goods and Services Tax Act, in case of supply of services specified in sub-item (b) of item 5 of Schedule II of the Central Goods and Services Tax Act
Notification:
Now, the CBIC vide Notification No. 15/2023 Central Tax (Rate) dated October 19, 2023 made the following amendments in the Notification:
In opening paragraph , the words “specified in subitem (b) of item 5 of Schedule II of the Central Goods and Services Tax Act”, shall be substituted by the words “of construction of a complex, building or a part thereof, intended for sale to a buyer, wholly or partly, where the amount charged from the recipient of service includes the value of land or undivided share of land, as the case may be, except where the entire consideration has been received after issuance of completion certificate , where required , by the competent authority or after its first occupation , whichever is earlier”.
The Notification will be made effective from October 20, 2023.
Similar notifications have been passed under the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) and the Union Territory Goods and Services Tax Act, 2017 (“the UTGST Act”).
CGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009896/ENG/Notifications
IGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009905/ENG/Notifications
UTGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009914/ENG/Notifications
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