Ficci, Assocham demand input tax credit for real estate under CGST

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Ficci, Assocham demand input tax credit for real estate under CGST - Business Standard

Quick Summary:

Industry bodies FICCI and Assocham have demanded that real estate developers should be allowed to claim Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes.

They have argued that the potential revenue impact would not be high by allowing ITC and instead, this would help maintain the credit chain, besides spurring growth in the real estate sector and the overall economy.

The associations have written letters to the finance ministry and have urged the latter to permit availing of the ITC where the immovable property is constructed for the provision of leasing services.