THE government is considering filing a review petition against the Supreme Court's verdict with regard to Safari Retreats that allows commercial real estate companies to claim input tax credit (ITC) on construction costs for their rental buildings. Sources familiar with the matter indicate this ruling could impact government revenue, resulting in a shortfall of nearly 5,000 crore.
In the wake of the apex court's decision, companies across sectors have begun approaching adjudicating authorities to ascertain their eligibility for ITC. "The law committee has been tasked with evaluating whether the government should pursue a review of the Supreme Court's order," a top government official revealed.
This story is from the October 08, 2024 edition of The Morning Standard.
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This story is from the October 08, 2024 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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