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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.
The suggested GST rate cut on the under-construction houses from 12% to 5% without availing the input tax credit has been appreciated by the developers who think it will boost the demand of the real estate industry.
The GST Council is discussing upon to provide tax relief to the housing sector to promote the demand of the industry. But, the Council is concerned about that at a large scale builders are doing tax evasion so the tax relief framework must be structured in such a manner so that the builders would not do tax evasion.
The Delhi Court recently send notifications to the GST Council, the department of revenue, national anti-profiteering authority (NAA), Central Board of Indirect Taxes and Customs (CBIC) in a serious concern as fine is being imposed by NAA in opposition to one of the leading detergent company in Delhi.
Bilaspur, Chhattisgarh, the GST lessons for the first time has been included in the syllabus of the students as the State Government has felt the requirement of the GST lessons to be given to the students as beginners.
GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
