UNDERSTANDING THE HON'BLE SUPREME COURT'S ORDER UNDER GST LAW

The Hon'ble Supreme Court has recently passed an order under GST law.

The order pertains to the issue of input tax credit (ITC) on goods and services used for construction of immovable property.

The Court has held that ITC can be claimed only if the property is used for furtherance of business or commerce.

If the property is used for personal use or renting out, ITC cannot be claimed.

This order has far-reaching implications for the real estate sector as it will impact the cost of construction and ultimately the price of the property.

The order is expected to bring clarity and reduce litigation on the issue of ITC under GST law.

Businesses and individuals involved in the construction and real estate sector need to be aware of this order and its implications.