The key question under discussion is whether the Reserve Bank of India (RBI) qualifies as a banking company under Section 17(4) of the CGST Act, 2017, thereby making it subject to the 50% Input Tax Credit (ITC) restriction.
The 54th GST Council recommends RCM for renting of commercial property by unregistered persons to registered entities, raising various legal and ITC implications.
The 54th GST Council clarified tax treatment of Preferential Location Charges (PLC) in real estate. PLC is bundled with construction services, subject to composite supply.
