Denial of ITC on Construction of Immovable Property: Supreme Court pronounces Judgment in Safari Retreats Case

The Supreme Court is set to deliver its final judgment on the eligibility of Input Tax Credit (ITC) for immovable property construction under GST. The case revolves around Safari Retreats, where the petitioner argued that ITC should be allowed for property development if the property is rented out. The case has gained significant attention due to its potential to impact real estate and business operations nationwide. This case will settle a long-standing debate on whether ITC can be claimed for such projects, which was previously disallowed by authorities based on the interpretation of GST provisions.