Goods and Services Tax articles

GST on Real Estate Sector: Proposed Changes wef 01.04.2019

1. Source- Press Release on the recommendation of the 34th Meeting of the GST Council on operational details on the earlier recommendations on real estate sector. 2. GST Rates for Real Estate Sector to be effective from 1st April, 2019 Affordable housing properties: Effective GST rate of 1% withoutITC Residential properties outside afford...

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About Mystery of ITC on Capital Goods under Refund of Exports in GST

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of t...

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GST: Important things to remember this March ending!

Many important changes were brought in GST this year. Soon, taxpayers would be filing their Annual return and getting their accounts audited. This would be the first time taxpayers would file annual return and also their last chance to rectify mistakes if any in FY 2017-18. So, as March end approaches the taxpayers should reconcile their ...

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GST on Sweet Shop-Cum-Restaurant With Takeaway Facilities

1. Background The assesee is running a shop where it sale and serve sweetmeats, namkeens, cold drinks and other edible items and also restaurant. The dilemma here is related to classification of the supply, whether the supply by the assesse will fall in the supply of goods or supply of services. Additionally one needs to […]...

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New Return filling system under GST

The GST council has proposed new GST Return filling system on 8th March 2019. Here in this article we have explained the requirements and applicability of all the three returns namely Sahaj, Sugam and Normal. The tax payer can opt to file ANY of the three returns. Each return has different features. Particulars Normal Sahaj […]...

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Analysis of new GST revised rates on Construction of Residence

Analysis of new GST revised rates on Construction of Residence & other complications arises due to introduction of new rates and its conditions Due to Demonetization, RERA, GST, lack of consumer demand, increase of real estate prices, increase of MHADA premium and many other factors the Real Estate Industry is struggling to survive so...

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GST, Excise, Service Tax & Customs updates for March 2019 (Till 20th March)

Indirect Taxes Updates- GST, Customs, Excise, Service Tax & VAT Month – March 2019 (Updated upto 20th Mar.19) A. Proposal of 34th GST council meeting The GST Council (Council), in its 34th meeting on 19th March 2019 discussed operational details for implementation of recommendations made in 33rd meeting in respect of new rate of tax...

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Due Date of Payment- Under Reverse Charge (GST)

Generally a supplier use to collect and pay indirect taxes applicable on supply of goods and services. However Reverse Charge mechanism (RCM) is a method under which the receiver of Goods and service, instead of the supplier, is required to pay GST. The concept of RCM (Reverse Charge Mechanism) under GST is not new as […]...

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GST Audit Desk Review- Part 2 (Detailed Analysis)

This is my second post on the topic GST Audit Desk Review which will help you all to focus on the key areas . To begin with- 1. Understand the domain of your assessee: Like the trade practices, policies, ratio trend, sales trend, etc. 2. Try to figure out the issues that may prevail: Like […]...

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Provisional property attachment in terms of Section 83 of CGST Act

Whether Section 83 of CGST provides for provisional attachment of any property, including bank account of the taxable person during the course of Investigation i.e., before issuance of SCN /Assessment order/notice?...

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