Section 43(5) in The Central Goods and Services Tax Rules, 2017
(5)Where any capital goods used for the project have their useful life remaining on the completion of the project, input tax credit attributable to the remaining life shall be availed in the project in which the capital goods is further used;] [Substituted by Notification No. G.S.R. 249(E), dated 29.3.2019 (w.e.f. 19.6.2017).][Explanation [1] [Substituted by Notification No. G.S.R. 52(E), dated 23.1.2018 (w.e.f. 19.6.2017).]. - For the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude: -[***] [Omitted '(a)' by Notification No. G.S.R. 63(E), dated 29.1.2019 (w.e.f. 19.6.2017).](b)the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances; and(c)the value of supply of services by way of transportation of goods by a vessel from the customs station of clearance in India to a place outside India;][Explanation 2. - For the purposes of rule 42 and this rule, -(i)the term "apartment" shall have the same meaning as assigned to it in clause (e) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);(ii)the term "project" shall mean a real estate project or a residential real estate project;(iii)the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in in clause (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);(iv)the term "Residential Real Estate Project (RREP)" shall mean a REP in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP;(v)the term "promoter" shall have the same meaning as assigned to it in in clause (zk) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);(vi)"Residential apartment" shall mean an apartment intended for residential use as declared to the Real Estate Regulatory Authority or to competent authority;(vii)"Commercial apartment" shall mean an apartment other than a residential apartment;(viii)the term "competent authority" as mentioned in definition of "residential apartment", means the local authority or any authority created or established under any law for the time being in force by the Central Government or State Government or Union Territory Government, which exercises authority over land under its jurisdiction, and has powers to give permission for development of such immovable property;(ix)the term "Real Estate Regulatory Authority" shall mean the Authority established under sub- section (1) of section 20 (1) of the Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016) by the Central Government or State Government;(x)the term "carpet area" shall have the same meaning assigned to it in in clause (k) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);(xi)"an apartment booked on or before the date of issuance of completion certificate or first occupation of the project" shall mean an apartment which meets all the following three conditions, namely -(a)part of supply of construction of the apartment service has time of supply on or before the said date; and(b)consideration equal to at least one installment has been credited to the bank account of the registered person on or before the said date; and(c)an allotment letter or sale agreement or any other similar document evidencing booking of the apartment has been issued on or before the said date.(xii)The term "ongoing project" shall have the same meaning as assigned to it in 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;(xiii)The term "project which commences on or after 1st April, 2019" shall have the same meaning as assigned to it in 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;]
