As per the GST (Goods and Services Tax) law, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer is a supply of service and hence, is liable to the goods and services tax (GST). However, no GST is meant to be paid on ready to move in or completed property as per the CGST Act, 2017. The GST is payable only on the under construction houses.
Following Are The Categories Of Houses For Accrual of GST
Property for which completion certificate has been issued: No GST is applicable on ready-to-move-in or completed property as per the CGST Act, 2017. Click to read more
Even a month after the Centre slashed GST rates on 212 items, the entire benefit is yet to reach consumers. Legal metrology sleuths have booked over 15,000 cases of MRP violations across India, with restaurants figuring among the top violators. The fast moving consumer goods (FMCG) sector, especially bottled mineral water and aerated drinks, is found to be most vulnerable to illegal trade practices.
“Cases of MRP violations and anti-profiteering are being registered across the country and we are compiling a report based on inputs from individual states. It’ll be submitted to the Parliament on December 15,” said B N Dixit, director of the department of consumer affairs, Government of India. Click to read more
West Bengal Finance Minister Dr. Amit Mitra on Thursday described the rollout of the Goods and Services Tax (GST) as a hasty one, but added that the state government had agreed in principle to its necessity and gradual implementation.
Dr. Mitra was taking part in a special session on GST along with his counterparts from Jammu and Kashmir (Dr. Haseeb Drabu) and Bihar (Sushil Kumar Modi). The event was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). Click to read more
All powerful GST Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future, Bihar Finance Minister Sushil Modi said here.
“Electricity, real estate, stamp duty and petroleum products should become part of GST (Goods and Services Tax). This would be our (GST Council) endeavour,” he said at the annual meet of industry chamber Ficci. Click to read more
The GST Council may soon bring in another change in the tax rate list by including power, real estate, and petroleum products under the unified tax ambit. There’s no clear timeline on when the final decision will be taken but the council has assured that the states’ revenues will not be affected due to the tax change. There’s a likely scenario that the petroleum products will be kept in the highest tax slab. Also, states would be free to levy addition cess to protect the existing revenue. Bihar Finance Minister Sushil Modi, who is a member of the GST Council, on Thursday said electricity, real estate, stamp duty and petroleum products should become a part of the Goods and Services Tax. He also said the GST council could merge 18 per cent and 12 per cent tax slabs and reduce the highest tax slab from 28 per cent to 25 per cent once the tax collection “stabilises”. Click to read more
States are facing a revenue shortfall of Rs. 39,111 crore in the first four months of rollout of the goods and services tax, West Bengal Finance Minister Amit Mitra said on Thursday. Addressing the annual general meeting of FICCI, Mitra said that revenue collections under GST have become a source of concern.
“For all States for the first four months, Rs. 1.72 lakh crore is required for revenue protection. Of this, States have received Rs. 1.33 lakh crore, while there is a shortfall of Rs. 39,111 crore,” he said. Click to read more
Around 4 lakh people contribute 95 per cent of GST collections, while 35 per cent of those who have filed returns mostly paid no tax, Finance Minister Arun Jaitley said on Thursday.
He provided these figures emerging from studies in response to a query at industry chamber Ficci’s 90th AGM here on whether the Goods and Services Tax (GST) is proving a burden for small businesses.
“According to studies done on GST collections, of all those who have registered in the new regime, 95 per cent of the taxes comes from 400,000 people, who are paying irrespective of the procedure involved,” he said. Click to read more
SS Rajamouli’s historic and war drama Baahubali 2: The Conclusion starring Prabhas, Rana Daggubati, Anushka Shetty, Tamannah Bhatia and Ramya Krishna, has emerged as the seventh most searched movie across the globe on Google in 2017. The list is about the searches that happened in the entire year 2017 so far. This clearly showcases that Indian citizens were more concerned and anxious about staying within the norms of the Govt., rather than learning on how to make money using bitcoins! Click to read more
Hotelogix, a technology-service provider for hotel management services on the cloud platform has partnered with Mint Hotels & Suites to modernise their hotel operations and comply with GST.
“Creation of tax codes and tax structures have become really simple, thanks to GST ready cloud-enabled hotel management software provider, Hotelogix. We can now concentrate on running our day-to-day hotel operations being assured of the billing and invoicing which is completely taken care by Hotelogix,” said Shantanu Chatterjee, co-Founder of Mint Hotels & Suites. Click to read more