The Ministry of Finance (MoF) on October 19, 2023, amended an older notification No. 12/2017-Integrated Tax (Rate), dated June 28, 2017related to unutilized input tax credit.
The following has been stated: -
•In the said notification, in the opening paragraph, for the words, brackets, letters, and figures “specified in sub-item (b) of item 5 of Schedule II of the Central Goods and Services Tax Act”, 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 the completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier”, shall be substituted.
This notification shall come into force with effect from October 20, 2023.
The detailed notification is given in the document attached below.
[Notification No.18/2023-Integrated Tax (Rate)]
