Amendment on ITC for Construction Expenses in Budget 2025
Retrospective Amendment on ITC for Construction Costs Whatโs Changing : A retrospective amendment, effective from July 1, 2017, prevents entitiesโlike commercial real estate companiesโfrom claiming Input Tax Credit (ITC) on goods and services used in the construction of immovable property on their own account (e.g., buildings, warehouses). The government proposes a retrospective amendment (effective from …