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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.
A Hyderabad GST commissionerate order has totally changed the scenario for the late GST return filing taxpayers as they would now have to pay interest on even input tax credit (ITC).
The Telangana government has recently opted to amend the SGST Act which would further help the system to offer a refreshed version of return filing and would also facilitate input tax credit under the GST.
A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
At a time when the Central Government is mulling over granting notional credit to tackle growing exporter woes, a move to allow input tax credit claims on IT export services delivered in collaboration with foreign entities comes as a welcome move just ahead of the new year
Karnataka Commercial Taxes Commissioner M.S.Srikar said that the dealers in Bengaluru have reclaimed their input tax credit of approx. Rs 17.45 crore, after realizing that the claim made by them was based on false GST invoice.
A new profiteering case has come into light as a Gurugram based constructor and home provider, Pyramid Infratech, has been asked by the NAA to refund the benefit availed out of the input tax credit after the effective rate on affordable housing got reduced from 12 percent to 8 percent from January 25, 2018.
In a ruling made recently, the Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR-GST) has decided that Input Tax Credit (ITC) is not available to CMS Info Systems on purchase of motor vehicles for the sole purpose of carrying cash to be used by cash management companies and supplied as scrap thereafter.
Online food delivery service providers are in hard situations as the decision of withdrawal of input tax credit provision from the restaurants had become an extra burden on both the eatery and service provider.
