Commercial real estate developers leasing their properties are receiving notices about blocked credit eligibility under sections 17 (5) C and 17 (5) D even as the case is being argued at the Supreme Court, say real estate industry stakeholders. If a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they may be eligible to claim credit, provided they pay the output GST on the sale transaction. However, if the developer uses the building for leasing, such an ITC is not available for set-off. Source from: https://realty.economictimes.indiatimes.com/news/commercial/real-estate-leasing-companies-in-a-fix-over-blocked-credit-eligibility/103565219Share this: TwitterFacebookLinkedInTelegramWhatsApp

Source: Economic Times September 11, 2023 10:13 UTC