On May 7,2019 vide F.No.354/32/2019-Tax Research Unit of CBIC has issued FAQ’s answering queries relating to real estate sector under GST. with the help of examples,it has been clarified what rate a builder or developer must opt for and when shall liability to pay GST arise.
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Central Goods and Services Tax (Second Amendment) […]
Return forms proposed for the Goods and Service Tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place. The new forms, set to roll out shortly starting with large businesses, will prevent companies from claiming any […]
A progressive goods and services tax (GST) regime, even if slightly more complex, is what an unequal country like India should have The Congress manifesto promises to work towards a single GST rate. It won’t happen anytime soon. It has also promised to bring petroleum under goods and services tax. Again, a non-starter, when petro-taxes […]
Update on March 19, 2019: The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units, revenue secretary AB Pandey said. As per the plan, builders will be allowed to choose between the old tax rates and the new ones for underconstruction residential projects, […]