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Understand the availability of Input Tax Credit (ITC) under GST regulations for repair works in co-operative housing societies. Learn about the restrictions and implications for major repair activities.
Article discusses Proposed Amendment in GST (CGST & IGST) vide Union Budget 2021. CGST Act, 2017 1. Insertion of clause (aa) to Section 7(1): Sec. 7(1)(aa) is sought to be inserted so as to ensure levy of tax on activities or transactions involving the supply of goods or services by any person, other than an […]
1. Society self-Redevelopment GST Registration Yes, GST registration in case construction services is compulsory. As society going to sell flats to outsiders as well and that would be more than Rs. 20 Lakhs. GST Rate GST rate will be 1% if its cover under affordable housing scheme or else 5% GST rate will be applicable. […]
Notified Categories of services on which GST will be payable under Reverse Charge Mechanism (RCM)- Updated list till 31/03/2020
As per Entry 6 of Notification 13/2017 dated June 28, 2017 provides for RCM implications on the services rendered by the director of a company or body corporate to the said company or body corporate thereby creating an onus on the company to pay taxes under RCM on the said services supplied by directors. As per this entry director remuneration is liable to GST under RCM but there are some exceptions which are stated in Schedule III of CGST Act.
CBIC Clarification in respect of various measures announced by the Government for providing relief to the GST taxpayers in view of spread of Novel Corona Virus (COVID-19) vide Circular No. 136/06/2020-GST dated 3rd April, 2020. Summary of various Notifications: Conditional waiver of GSTR-3B late fees and interest: Sl. No. (1) Class of registered persons (2) […]
Company Fresh Start Scheme (CFSS), 2020 & Modified LLP Settlement Scheme, 2020 In line with government initiative to ease of doing business & good corporate governance, the Ministry of Corporate Affairs (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable defaulting companies make good of any filing-related defaults, irrespective of duration […]
