ITC on construction expenses – A macro outlook on bones of contention!!!
Eligibility of input tax credit (ITC) has been the most debated topic in Indian Indirect Tax laws. Logically, the ITC framework should be wide in ambit with least exceptions. Yet, the law makers choose to keep long list of goods and services in the restrictive list. With the advent of Goods and Services Tax (‘GST’) regime, the taxpayers expected a sigh of relief on this front, but the reality is far distant. One of the important credit restrictions in earlier as well as today’s times is related to goods and services used for ‘construction and works contract for construction’.
Through this article, our Managing Partner, Puneet Bansal and Senior Associate, Ms. Neha Jain have touched upon various disputes emanating from this restriction in GST regime.
Please click below to read our article titled “ITC on construction expenses – A macro outlook on bones of contention!!!“ on the issue.