Reduction in GST rate on property will propel demand

Reduction in GST rate on property will propel demand

The interim budget to be presented on February 1 holds much significance, especially with this year being the electoral year. While the real estate industry has its expectations from the interim budget, as with the previous union budgets, it remains to be seen whether the budget would lend extensive focus on the industry given other priorities of the government. There are a host of industry matters that need timely attention from the government in order to accelerate the growth, which…

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GST collections cross Rs 1 lakh crore in January: Finance Ministry

GST collections cross Rs 1 lakh crore in January: Finance Ministry

GST collections have jumped to Rs 1 lakh crore in January this year from the Rs 94,726 crore collected in December last year, Finance Ministry said today. This has been a significant improvement over a collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year. Final figures and details of collections for the entire month will be intimated on February 2, the ministry said in a statement. “This increase has been achieved…

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New system of filing returns under GST

New system of filing returns under GST

An ordinance issued to amend SGST Act, The State government has decided to amend the State Goods and Services Tax Act to provide a new system of filing returns and availing input tax credit under the GST. It has been decided to provide an option for taxpayers to obtain multiple registrations for multiple places of business located within the same State. Separate registration would be provided for units in the special economic zones or developers. Following the relaxations mooted by…

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GSTN develops system to fetch e-way bill data into monthly sales returns to curb evasion

GSTN develops system to fetch e-way bill data into monthly sales returns to curb evasion

Now, businesses supplying goods worth more than Rs 50,000 will have the option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data. Matching of invoices of e-way bills with the sales shown in GSTR-1 will help taxmen in assessing whether the supplies have been accurately shown in sales return and GST paid on the same, tax experts said. “To…

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Home buyers alert: How to save GST while buying home? Here is a move that can help you save big

Home buyers alert: How to save GST while buying home? Here is a move that can help you save big

Home buyers can have the last laugh as out of net unsold inventories, near 60 per cent ready to move in units are in seven major cities namely Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Kolkata and Chennai. While opting an unsold ready to move in unit, a home buyer can save the 12 per cent GST being levied on the real estate, a move by the Indian government that can help home buyers to save around Rs 12 lakh on flats…

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Rajasthan HC notice to Centre, government on GST input credit benefit delay

Rajasthan HC notice to Centre, government on GST input credit benefit delay

Rajasthan High Court on Tuesday issued notices to the Central government, state government and the GST Council seeking reply in four weeks on the denial of the input tax credit benefit. Lakhani Metal and Castings Pvt. Ltd. of Bikaner had moved a petition challenging the clause (ii) of proviso of Sub Section 3 of Section 54 of the Central GST Act, 2017 and Rajasthan GST Act, 2017, by effect of which refund of the unutilized input tax credit can be…

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Proposal to encourage taxmen to file GST profiteering complaints on anvil

Proposal to encourage taxmen to file GST profiteering complaints on anvil

The GST officials are working out a mechanism to prompt taxmen to initiate profiteering complaints, which could be taken up for further investigation by the Directorate General of Anti-Profiteering. Currently, only consumers file complaints against businesses for not passing on the benefits of reduction of the rates of Goods and Services Tax (GST) on various products. Under the standard operating procedure (SoP) being worked out by the GST officials, the Central and state government tax officers will be encouraged to…

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Tyre companies, suppliers under lens for GST violations

Tyre companies, suppliers under lens for GST violations

Tyre suppliers and leading manufacturers — including JK Tyre, Apollo, Ceat and MRF — are under the scanner for possible misuse of provisions related to GST, with authorities also probing if there were instances of tax evasion. Sources said authorities are examining multiple issues, which include non-payment of tax on amount recovered through debit notes, excess claim of input credit and transactions between plants and depots. There was no estimate of violations involved, although some of the suppliers are said…

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Consensus builds up for ₹40 lakh sales threshold for GST registration in all states

Consensus builds up for ₹40 lakh sales threshold for GST registration in all states

All states, barring hill states, are moving towards a uniform sales threshold of ₹40 lakh for businesses to register for goods and services tax (GST) despite the federal indirect tax body, the GST Council, giving them the choice to retain the current limit of ₹20 lakh. Kerala, which was so far insisting on GST registration for traders and businesses with ₹20 lakh or more in annual sales, is veering towards raising it to ₹40 lakh. Last week, the state had…

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Tax officials may examine high usage of ITC to set off GST liability

Tax officials may examine high usage of ITC to set off GST liability

Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of an input tax credit set off tax liability by businesses, sources said. The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look into the reasons for revenue shortfall being faced by a large number of states. According to sources, availing ITC ideally should not result in loss…

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