Budget Recommendations: CII demands amendments in real estate to avail ITC

In its Budget recommendation for the 2021-22 fiscal year, industry body CII has demanded that Section 16 read with Section 17(5) of the CGST Act should be amended to enable the real estate players to avail ITC (input tax credit) on procurement of goods and services during the construction phase where the said immovable property is intended for commercial leasing or renting.