Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Automobile dealers have anticipated the reduction in liquidity due to the modifications in GST laws. The Federation of Automobile Dealers Association (FADA) has written a letter to the Prime Minister’s Office, Finance Ministry and GST Council, expressing the resentful effect of the addition of section 49A to CGST law on their cash flow.
India Inc, the service sector including the Government and the Corporate sector, has got a hint regarding tax rebate from the Finance Ministry.
Through a recent announcement, the real estate sector witnessed huge leverage in the GST charged on its various segments.
GST revenue collection has again fallen down in numbers for the Month of February. The month witnessed a lower GST collection of Rs 97, 200 crores against Rs 1 lakh crore which has been collected in the month of January.
The recent decisions made by the GST council related to levying 1% CESS in Kerala owing to disaster relief and removal of the input tax credit from the real estate sector are somewhat unsatisfactory.
Following the recent exemption offered on development rights from the goods & services tax (GST), NAREDCO, the representative of Realtors have asked for clarity from the Ministry of Housing and Urban Affairs through a written note.
The government has confronted Rs 20,000 crore GST evasion in 2018-19, out of which Rs 10,000 crore has been recovered, rest 50% are yet to be retrieved from the corrupt businessmen who follow these illegal practices of GST dodging.
Following a recent analysis done by the GST authorities on the Top builders of Mumbai, a conclusion has been drawn that most of the builders have been traced claiming higher tax credits.
Goods and services tax is an endless topic with multiple provisions and acts. It is also considered to be very complex in nature as many of the professional chartered accountants, as well as tax experts, are trying to solve the puzzles introduced by the GST in the last 2 years.
