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Ca Pragya Singh

Latest Posts by Ca Pragya Singh

Taxation of joint development agreement

February 28, 2020 138237 Views 16 comments Print

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for litigation from decades:

Interest Saga- Gross Vs. Net GST Liability

February 25, 2020 7851 Views 0 comment Print

Interest is levy on delayed payment. The intention of the legislature is also evident from the agenda of the 31st GST Council meeting and the various precedents. It is worth asking that when the amendment has been put in the Act what are the reasons for not making the amendment effective till date?

Sabka Vishwas Legacy Dispute Resolution Scheme, 2019- FAQs

July 6, 2019 9657 Views 1 comment Print

A dispute resolution cum amnesty scheme called ‘the Sabka Vishwas Legacy Dispute Resolution Scheme, 2019‘ has been introduced for resolution and settlement of legacy cases of Central Excise and Service Tax. The proposed Scheme covers past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses. All persons are […]

Sample Management Representation Letter for GST Audit

June 11, 2019 78828 Views 0 comment Print

Given below is a sample Management Representation Letter for GST Audit. It is not intended to be a standard letter. Representations by management will vary from one entity to another and from one period to the next.

Analysis of clarifications on filing of Annual Return (FORM GSTR-9)

June 4, 2019 23580 Views 3 comments Print

The due date for filing of Form GSTR 9 is 30th June 2019. Mean while the government has issued certain clarifications vide press release dated 04.06.2019.  The press release is like an “oxymoron” where some clarifications adding to the confusion. However it may be noted that press release is not any legal document. Given below […]

GST: Mystery of Time of supply under JDA Unveiled!

May 17, 2019 25599 Views 8 comments Print

Real Estate is an important part of the economy and is accountable for extensive part of its development investment, advancement of the nation’s infrastructure. The taxation of the real estate segment has also been challenging and litigated in many aspects. There are many open issues in relation to the determination of point of taxation and valuation under both direct and indirect taxes. 

GST on Development Rights under Joint Development Agreement

December 30, 2018 23271 Views 3 comments Print

MEANING OF LAND DEVELOPMENT RIGHTS: Development rights mean the right to construct and own the superstructure of the land. Due to the increasing land prices, nowadays Joint development agreements (JDAs) are most prevalent form of land development in the real estate segment. Purchase of land makes it uneconomic for the developers to block huge capital […]

GST Council in a Bid to make Annual Return, “Easy-Peasy”

December 30, 2018 1833 Views 2 comments Print

The 31st GST Council Meeting was no less than Santa Clause for the trade and industry as many welcome amendments / clarifications have been proposed in the Annual Return.

GST Audit (Checklist in Excel)

December 4, 2018 101268 Views 4 comments Print

GSTR 9C is due on 31st December 2018. Every registered person who has turnover of more than Rs. 2 Crore has to file the reconciliation statement along with certificate by an Auditor as prescribed in Form GSTR 9C. Check list cover following topics- Understanding Of Client Business Registration Supply Documents Related To Supply Place of […]

GSTR 9 (Checklist) – Before you file Annual Return

December 1, 2018 22095 Views 2 comments Print

GSTR 9 has been prescribed for filing vide Notification No. 39/2018 – CGST dated 4th September 2018. GSTR 9 is not merely a compilation of data of monthly returns. It requires disclosure of data filed in the monthly returns in a new format along with certain additional disclosures. In the enclosed file, you will find […]

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