With a proof to justify the statement of higher GST rates on realty sector, the Mumbai comes forward to show the higher number of unsold apartments due to the unaffordability of buyers reasoning higher taxes.
Powerd By SAG INFOTECH
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With a proof to justify the statement of higher GST rates on realty sector, the Mumbai comes forward to show the higher number of unsold apartments due to the unaffordability of buyers reasoning higher taxes.
The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.
Prime minister’s financial advisor Bibek Debroy stated that goods and services tax would take at least 10 years to become normal and manageable.
The hassles of filing GST returns may soon be turned as an easy and convenient process as the GST council is discussing upon diversification of GST filing due dates.
Due to the GST implementation, even foreigners and tourists are backing up in purchasing gold which they otherwise entitled to claim. The absence of refund mechanism has to lead to dump in sales of gold by NRIs and foreigners.
The GSTR-3B deadline for Indian Traders and business owners as well as the GSTR-5 deadline for NRIs will be over tomorrow.
The difference in liabilities reported in GSTR-1 with regards to that in GSTR-3B is a matter of great concern and will have to be analyzed in detail by the Government Of India.
In the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
In a report released after the analysis of the indirect tax systems implemented by 115 countries, the World Bank has declared that the GST system is one of the most complex indirect tax structures with the second highest tax rate in the world.