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The Confederation of Indian Industries (CII) urged Finance Minister Nirmala Sitharaman on Wednesday to target a 20% increase in the capital expenditure outlay for the upcoming financial year, reaching Rs 12 lakh crore in her forthcoming budget. The industry body also recommended a revision of beneficiary criteria for the free food scheme and the initiation […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. Typically, construction services are subject to an 18% GST rate, yet exceptions exist. Affordable housing projects incur a minimal 1% GST rate, while […]
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
The sale or right to use a parking lot is not naturally packaged with construction services, according to the West Bengal bench of the Appellate Authority of Advance Ruling (AAAR), supporting an earlier decision. As a result, it won’t be considered a composite supply and will instead be subject to GST at a higher rate […]
Buyers of houses that are still under construction will be pleased by a recent Appellate Authority for Advance Rulings (AAAR) judgment in the instance of a Thane-based developer since it could result in lower costs. The appellate bench ruled that the charges towards various services obtained via the developer, Puranik Builders, like water connection, electric […]
The Telangana Authority of Advance Ruling (AAR) held that the manpower supply or labor supply services by the manpower supply agency come beneath SAC 98519 and would be taxed at an 18% GST rate. The tax would be required to be paid via a manpower supply agency. The two-member bench of B. Raghu Kiran and […]
Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]
Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
