By Rahib Tinwala on 15 May 2020
We have input tax credit of AED 1 million on the construction of 48 residential units and 2 commercial units before January 2020. We got registration on January 2020 and our First Tax period is January 2020 to March 2020. we had leased out 12 residential units and 2 commercial units during this period.
My question is that can we take full input tax credit of AED 1 million in first VAT Return itself or it will be on pro rata basis ?
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