Goods and Services Tax (GST) Council would explore the possibility of merging the 12% and 18% and forming a new tax rate which will be in between the two tax rates. All these can be implemented after stabilizing of revenue and depend on tax buoyancy. More than 90% of issues related to tax rates have … Continue reading “New slab for tax rate to be formed merging 12% and 18%”

Maharashtra Real Estate Regulatory Authority (MahaRERA) laid off a complaint of a home buyer seeking refund of his money after he cancelled the booking on his own. The homebuyer booked a flat in Thane (W), Mumbai and later on cancelled the booking on his own. The buyer is now claiming for a refund. The respondent … Continue reading “If homebuyer cancels the Booking, Developer will not be liable for Refund”

The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilizes and the need to assess the extent of taxes due takes notoriety. The government is also working on making the new tax system more user-friendly and … Continue reading “Matching of GST Invoices, returns to start soon”

The push for under-construction projects comes at a time when most real estate firms are focusing on ready properties after implementation of RERA in May   Mumbai: As home buyers switch preference to ready-to-move homes to escape tax on under-construction properties, builders have started rolling out discounts and promotions to lure them back. Buying properties under … Continue reading “Realty firms roll out discounts to woo buyers for under-construction projects”

The Union cabinet on Wednesday approved the setting up of the 15th Finance Commission, which will decide on the distribution of tax proceeds among Centre, States. and local bodies in the post-goods and services tax (GST) era. A finance commission is set up in every 5 years. The government allocated Rs10 crore in the 2017-18 … Continue reading “15th Finance Commission to be set up by the Cabinet”

With reference to twitter handle of the GoI for queries on Goods and Services Tax (GST), the due date has been extended for filing GST Input Tax Credit (ITC)-04 for details of goods/capital goods sent to job worker and received back. The notification for the same will be issued in due course. (ITC)-04 is required … Continue reading “Input Tax Credit (ITC)-04 Due Date has been Extended”

The Central Government vide its notification no. 50/2017-Central Tax dated October 24, 2017, stating that late fee for filing GSTR-3B for the month of August and September will be waived off. This yet again has come as a lift for all the registered taxpayers. As per GST regime, the late fee is Rs. 100 per … Continue reading “Penalty for Late Filing GSTR-3B has been Waived”

In recent updates, the Government has extended various timelines and has also given exemption to specified services, as mentioned below. Display of revised Maximum Retail Price (MRP) Manufacturers, packers or importers of specified pre-packaged goods were permitted to display their revised MRP on the packages on account of implementation of GST, up to 30 September … Continue reading “Timelines for Various Date Extensions and Exemptions to Various Services under GST”

The Government has been trying to make revolutionary changes in the market by launching new rules and acts. Since then there have been certain changes in the prices of goods sold in the market, from bank accounts, telecom sector, and toll plazas. Following are the changes that you may come across: • Since Goods and … Continue reading “Changes in the Rates to be seen in the Market from October”

The Central Board of Direct Taxes, the decision making body under section 119 of the Act, in respect of all assesses covered under clause (a) of Explanation 2 to sub-section 139 of the Act, has extended the due-date for filing the return of income as well as various reports of audit restricted under the Income-Tax … Continue reading “Due-date Extended for Filing ITR (Audit)”

The Uttar Pradesh government will not charge the Goods and Services Tax (GST) on tickets of films of which more than 50% part has been shot in the state. The decision was taken in a Cabinet meeting presided over by the Chief Minister Yogi Adityanath here. The GST will not be charged from the viewers … Continue reading “No GST on Tickets of Films Shot 50% in Uttar Pradesh”

The impact of the demonetization drive and the rollout of the goods and services tax will make it tough to deal in cash, leading to greater compliance, digitisation and widening of the tax base, Union finance minister Arun Jaitley said. The net impact of the demonetisation exercise coupled with the GST exercise… will certainly lead … Continue reading “Demonetisation and GST to Make Cash Dealings Tough”

Anti-Profiteering Authority, headed by a secretary-level officer, will be set up soon to keep a tab on businesses that have not passed on to consumers

The Delhi Congress will launch a week-long anti-GST campaign on July 30 at all the major markets of the city, intensifying its agitation against the “wrong implementation” of the new tax regime.

Three weeks into the new tax regime, the Goods and Services Tax Network (GSTN) has said that it will analyze the statistics of tax payers registered with GSTIN and give them ratings