The Supreme Court's landmark ruling has paved the way for the real estate sector to claim ITC on construction costs for commercial buildings, but what does this mean for the industry and the economy at large?
GstInput Tax CreditReal EstateTaxationConstruction CostsReal EstateOct 04, 2024
ITC allows businesses to claim credit for the taxes paid on inputs used in the production of goods or services, which can then be set off against the output tax liability.
The ruling allows the real estate sector to claim ITC on construction costs for commercial buildings, reducing the overall tax burden and increasing profitability.
Businesses that have registered for GST and have a valid GSTIN number can claim ITC on inputs used in the production of goods or services.
Some experts argue that the increased claim of ITC could lead to a reduction in tax revenues for the government, which could have a negative impact on public finances.
The GST Council is responsible for making recommendations on GST rates, exemptions, and other related issues, and has been working to streamline the GST system and address the concerns of various industries.
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