Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy.
Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. Click to read more
I am a service provider having offices in multiple states. Under the service tax regime, I had a centralised billing system. Under the GST regime, should I change my billing system and start raising invoices from the local branch?
In the GST regime, service providers are required to obtain registration in each state where they have a place of business. The concept of centralised registration is now redundant. If the services are entirely supplied from the branch, or the branch plays a significant role in supplying the services, then such a branch shall be required to raise invoices and charge applicable GST. Click to read more
Private outlets selling chicken today downed shutters in Kerala as part of their indefinite stir in protest against the government’s decision to bring down the prices after GST came into force. With this, several eateries, especially hotels, did not have popular chicken menus on their menus today. Due to the trawling ban in force, fish supply in markets has also dwindled. Click to read more
A critical aspect in the goods and services tax (GST), one of the biggest indirect tax reforms in the country that came into effect on July 1, is on purchases of goods and services from persons who are not registered under the law. Any person whose aggregate turnover in a financial year exceeds the threshold limit of Rs 20 lakh (Rs 10 lakh for north-eastern states), shall be liable to obtain registration. Thus, a person, whose turnover is below the threshold limit, is exempted from obtaining registration. Click to read more
The new Goods and Service Tax (GST) regime has not gone down well with the sculpture and idol market in the Walled City of Jaipur.
It has brought all idols of Hindu gods in the tax bracket for the first time.
These were earlier VAT-free and had no excise duty. Almost 10 days after the introduction of GST, idol makers are still demanding a rollback of GST on idols of Hindu deities as they feel it would spell doom for this large ancient industry of Jaipur. They are hoping that government would give some relaxation as idols were earlier free of VAT and excise duty. Click to read more
GST or goods and services tax finally became a reality on July 1. In the run-up to the mega launch of GST, while various departments of the government worked to provide a seamless transition to the new indirect tax system, the Central Board of Excise and Customs addressed several frequently asked questions (FAQs) pertaining to many segments. The CBEC clarified on many topics, from Form GSTR-1 and Import-Export Code to composition scheme and GST registration. The CBEC, under the purview of the Department of Revenue, said traders will have to fill Form GSTR-1 (for outward supplies made in a month) by the 10th of the next month. Click to read more
The Indian life insurance industry has come a long way indeed, especially in the last decade. Back in the day, people viewed insurance primarily as a tax planning and investment tool, something that people thought gave better returns while saving on pesky taxes.
In a country like ours, where social security doesn’t exist and one cannot boast of viable retirement schemes, seeking protection for the future becomes a compelling preoccupation. And that is where buying insurance comes into play. Click to read more
GST is widely perceived to be a big game changer in the Indian economy with its effects rippling across societies. While some might face the heat of it in purchasing luxury items, the benefits are meant to trickle down to the masses eventually. With the removal of cascading tax effect, the prices of household commodities are expected to come down significantly from the existing level.
The small amount that you can put aside after the implementation of GST can offer you long-term benefits if used wisely. Here are a few pointers: Click to read more
What are the two most common types of queries about received on the helplines of the GST Network?
How do I log in? I forgot my password, what do I do?
More than a week into the Goods and Services Tax (GST) era, people are still unsure about how to log into the website of the GST portal. Or if they have registered and forgotten their password, they are all at sea.
This was revealed by Prakash Kumar, the CEO of the GST Network, on the sidelines of a briefing about the new tax. Click to read more
With the ninth tranche of sovereign gold bonds (SGBs) issued by the Reserve Bank of India (RBI) on Monday, investors would be wondering if investing in paper gold makes sense vis-à-vis physical gold after the implementation of the goods and services tax (GST) regime. The answer is, yes. From July 1, sales of physical gold entails a three per cent GST. Then, there are making charges for jewellery. If you buy a small-denomination coin, making charges range from 6-10 per cent; for bars, the charges are lower. Gold will also attract capital gains tax. Click to read more
It has been 10 days since the Goods and Services Tax (GST) was rolled out at the stroke of midnight on July 1 but confusion about the indirect tax reform persists while complaints continue to pour in about traders charging GST unfairly.
The consumers are raising their concern through various mechanism the government has floated including its Twitter handle @askGST_GoI and through online community ‘Connected Consumers’ run by Department of Consumer Affairs on social engagement platform LocalCircles. Click to read more
The full impact of Goods and Services Tax (GST) on residential real estate is still to unfold. So, should homebuyers waiting on the fence buy now or wait for markets to settle post RERA and GST?
The rate of GST for under-construction and new projects has been fixed at 12 percent. Buyers of under-construction projects will be taxed at 12 percent on that portion of work that is completed after July 1. But levy of GST at 12 percent by builders would also enable developers to avail input tax credits on their purchases of goods and services that are used after July 1 and pass on the benefit to homebuyers. Click to read more
It has been more than ten days since GST was rolled out, but people are yet to understand the basics of this tax reform. However, a man has claimed that he now fully understands GST and its intricate structure. Soon after his claim the government announced him India’s nominee for Nobel Prize in Economics. Click to read more