SC permits input tax credits on construction expenses for leased buildings

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SC permits input tax credits on construction expenses for leased buildings - Business Standard

Quick Summary:

Therefore, once the detailed ruling is available, it will be crucial to assess, on a case-by-case basis, whether ITC related to factory buildings, storage tanks, etc., will be allowed.

Tax experts also pointed out that the question now arises whether this ruling would also apply to factory buildings, jetties, storage tanks, etc.“The applicability will depend on the specifics of each case.

This often results in additional GST costs for service providers whose primary input-side investment is in immoveable property, such as malls/commercial real estate players, port or airport service providers, and LNG terminal operators.