Search results for: gst council

Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]

Petroleum products have drawn the new government’s eye of TLC onto itself. Now the emphasis is given on encompassing the key petroleum products in the goods and services tax (GST) sphere. At present, five petroleum products — petrol, diesel, crude oil, natural gas and aviation turbine fuel (ATF) — are out of the ambit of […]

The time period of almost two years since the GST regime started on July 1, 2017, has not been proved sufficient to utterly manifest the very spirit of GST – the common national market. With the beginning of Goods and Services Tax (GST) on July 1 2017, the government in its manifesto assured the creation […]

The realtor making shopping mall has got the conclusion about clogged credit under the goods and services tax (GST) regime from the Orissa High Court. This shopping mall construction company is contented with the decision as the court has approved input tax credit to it. The issue has been cleared up under Section 17 (5) […]

An AAR (authority for advance rulings) said that the companies can now take the benefits of ITC (Input Tax Credit) in the GST (Goods and Services Tax) reign even if the inputs that have to be paid between them comes from their books after making the amendments. The input also includes the tax that has […]

It is speculated that the simplified GST return filing form is in the last stage for the rollout which was earlier discussed in the GST council meeting held in July last year. The new GST returns filing form will require the taxpayer to file only single return form in a month, while for the case […]

The CBIC (Central Board of Indirect Taxes and Customs) has said that 12 per cent of GST must be paid by the home buyers compulsorily and this is only for those who have to give the amount to the builder and whose housing project got the completion certificate before 1st April 2019. The CBIC issued […]

In a recent decision based on concern for the real estate sector, the government has now extended the time limit to finally opt for the new rate applicable on under construction house till 20th May 2019 The government has applied new GST rates for the under-construction flats and the home buyers do not have any […]

The GST (Goods and Services Tax) collection of April has been record-breaking as more than INR 1 trillion has been collected and this is the third time it is happening that too in four months. The collection has been increased by 10 per cent as compared to the last year. The finance ministry said that […]