- ITC restrictions in real estate are outlined in Section 17(5) of the CGST Act, 2017.
- ITC allows businesses to offset tax paid on inputs.
- Developers constructing residential apartments cannot claim ITC under the new GST regime.
- Developers can claim ITC on commercial projects.
- ITC is not available for real estate property constructed for self-use.
- ITC on works contract services is restricted except when used for providing another works contract service.
Source: rmpsco.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
