For commercial projects - In case of reversal of ITC as per Rule 42(3) after the CC of the project is received whether transitional ITC also needs to be reversed as the wordings in Rule 42(3) says final reversal to be calculated "for the entire period from the commencement of project or 1st July whichever is later to the CC or first occupation whichevr is earlier. Does this mean such reversal not to be applied on Transitional credit as it is of period before July 2017

Reply- Yes, as per Rule 42(3), final reversal is to be calculated for the entire period from the commencement of the project or 1st July, 2017, whichever is later. Therefore, reversal provision will not apply on transitional credit as it is period before July 2017.