The much awaited notifications with respect to GST Council’s decision as regards prescribing new GST rates for real estate sector being 1% without ITC for affordable residential housing and 5% without ITC for non-affordable residential housing have been released by the Government yesterday. The … [Read more...]
GST Update on Binding Nature of Advance Ruling Part -1
The concept of advance ruling was introduced in the GST regime to bring more clarity in the interpretation of law as the assessee was permitted to seek advance ruling not only with respect to proposed transactions but also with respect to already undertaken activities of the assessee. However, since … [Read more...]
Relevant date under GST in case of export
The time limit of filing the refund claim is to be checked from the "relevant date". This term is defined in explanation 2 to section 54. This update is about the interpretation of term "relevant date" & its significance in determining the time limit for filing the refund claim. Section 54(1) … [Read more...]
Admissibility of Input Tax Credit on the services related to motor vehicles
Section 17(5) of the CGST Act, 2017 prescribes the list of blocked credits and this lists allows the ITC on few goods and services on conditional basis. The relevant part of section 17(5) reads as follows:- "(5) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) … [Read more...]
GST update On Admissibility of Credit on Retention Money
In normal parlance, there are cases where the service recipient retains a certain portion of payments to be made to the service provider. The amount so retained is paid to the service provider only after the provision of service is complete. This update seeks to take an insight into various … [Read more...]
GST Update on Treatment Of Joint Development Agreements – PART II
In the previous update we canvassed the taxability of joint development agreements under GST Regime. Through this update we would like to enumerate the provisions concerning the time of supply and the valuation of service in respect to the joint development agreements. It is pertinent to mention … [Read more...]
GST Update on Treatment of Joint Development Agreements – PART I
Joint Development Agreements are also called tri-partite agreements as three parties are involved in such contracts, namely a builder, land owning party and the contractor who undertakes construction services. The developer enters into a development agreement with landowner, whereby the developer … [Read more...]
Compilations of all the Notification Issued on 15.11.2017 Central Tax
Recently 23rd GST council meeting has been held in which various decisions were declared. All the notifications were issued recently in this respect. Lets summarise this with the help of this update- Notification 66/2017 CT dated 15.11.2017 has been notified stating that all registered person … [Read more...]
GST update on mismatch of invoice numbers
Many steps have been taken by the Government for the smooth implementation of GST. But there are some problems being faced by the assesses especially the exporters relating to the Refund of IGST paid and unutilized credit. A set of Representations have already been sent by us requesting for solving … [Read more...]
GST Update on ITC passed on by Input Service Distributor through GSTR-6
Under GST regime, head office of a company is treated as a distinct person requiring separate registration as input service distributor (ISD) if it intends to distribute the credit. In such a case, separate return is being prescribed in form GSTR-6 which is supposed to be filed monthly between the … [Read more...]
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