In exercise of the powers conferred by sub-section (3) of section 54 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act No.5 of 2017), and all other powers enabling him in this behalf, the Governor of Punjab, on the recommendations of the Council, is pleased to notify that no refund of unutilised input tax credit shall be allowed under sub-section (3) of section 54 of the said Act, in case of supply of services 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.
2. This notification shall come into force on and with effect from the 1st day of July, 2017.
A. VENU PRASAD,
Financial Commissioner and Secretary to Government of Punjab,
Department of Excise and Taxation