Search results for: input tax credit

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.

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.

After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.

The largest LNG supplier Qatar recently demanded that the natural gas must be included in the goods and services tax ambit for a neutral and share increasing point for the country welfare.

Once logging to the GST portal, the taxpayer is facilitated by TDS and TCS credit received which could be filed by all the taxpayers who are a success in making a specified limit of sales on the e-commerce platforms and not necessary but are indulged in any kind of works contract with Government departments.

There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.

Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.