Govt collects over Rs 96,000 Cr GST Revenue

By Accommodation Times Bureau NEW DELHI The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crores collected on imports) and Cess is Rs. 8,362 crore

Company director held for tax evasion

By Accommodation Times Bureau NEW DELHI The officers of CGST Delhi North Commissionerate have arrested a director of a Company for evasion of Tax, Revenue department on Wednesday said. The Company had collected over Rs 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer, it

GST on Society

CA Pathik Shah, Partner, B. P. Shah & Co. 1. The society collects the following charges from the members on the quarterly basis as follows: a. Property Tax-actual as per Municipal Corporation of Greater Mumbai (MCGM) b. Water Tax- Municipal Corporation of Greater Mumbai (MCGM) c. Water charges d. Electricity charges e. Sinking Fund- mandatory under

Recommendations made on GST Rate changes on services by GST Council Meeting

By Accommodation Times Bureau NEW DELHI The Union Finance Minister Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended many relief measures regarding GST rates on goods and services covering many sectors and commodities.  The Council has also recommended issuance of certain clarifications on issues

FAQs on GST on Real Estate

By Accommodation Times Bureau   Q. 1) Whether sale of a Flat / House by a builder / developer is a supply of a service or a sale of immovable property under GST law? Ans. 1) As per the clause 5(b) of the Schedule II of CGST, Act, 2017, construction of a flat / house

Impact of GST on Housing Societies

By Accommodation Times Bureau   Multiple taxes, even across state borders, has always been known to make trade in India expensive and complicated. GST (Goods and Services Tax) is a fiscal reform being made to introduce a single taxation system across the entire nation. Manufacture,distribution, and provision of goods and services, fields

GST on CHS various heads

  By Adv. Vinod Sampat Why Maharashtra Housing Society is covered under GST : GST is applicable to the dealer-person who is rendering the service or supplying the goods in its regular course of business activity.   Person has been defined under 2(84) as follow:- “person” includes— (a) an individual; (b) a Hindu Undivided Family; (c) a

Is GST Bad News for Home buyers and Renters?

By Ramesh Nair, CEO & Country Head, JLL India By Accommodation Times Bureau The Lower House of India’s Parliament has cleared four bills in preparation of the upcoming rollout of the Goods and Services Tax (GST) regime:   Integrated GST Central GST Union Territory GST, and Compensation Bill.   This sets the stage for states to enact laws and implement

Impact of GST on Indian Tax System

GST

By CA. Pathik Shah Accommodation Times News Services In India, there is two type of taxes are levied. These taxes are direct or indirect tax. “Indirect taxes” according to John Stewart Mill, “are those which are demanded from one person on the expectation and intention that he shall indemnify himself at the expense

GST bill gets nod from President Pranab Mukherjee

By Accommodation Times News Service With the President giving his assent, the govt will notify the GST Council. FM will head the Council, which will comprise state Finance Ministers The legislation amending the Constitution to enable goods and services tax (GST) has become a law with President Pranab Mukherjee giving his assent