GST On Real Estate – Complete Guide, Latest News & Updates

Buyers of under-construction homes in India, such as flats, apartments, and bungalows, are subject to a Goods and Services Tax (GST) at the rate of 1% for affordable housing and 5% for non-affordable housing. When investing in real estate, the GST is also due on the purchase of buildable land. GST on Flat Purchase In 2022, the Goods and Services Tax (GST) will be charged to those who purchase condos or apartments in India from a developer during the development phase. It is important to remember that if you are…

0 Comments

RCM (Reverse Charge Mechanism) Under GST – A Simple Guide to All Aspects

What is the Reverse Charge Mechanism (RCM)? What exactly does the GST Reverse Charge Mechanism (RCM) entail? The Reverse Charge Mechanism (RCM) is a procedure that allows the recipient to pay the GST rather than the provider. In this instance, the beneficiary, instead of the provider, is responsible for paying the tax The Reverse Charge Mechanism is applicable in the following situations: Imports Purchase from an unregistered dealer Supply of notified goods and services The situation is now inverted since the person getting the products and services must pay the…

0 Comments

Easy Explanation of GST ITC Reversal (Non-Payment 180 Days)

If customers and other relevant parties fail to make payments within the allotted time frame of 180 days, the GST Input Tax Credit (ITC) can be reversed. Sections and other important changes to subsection provisions are incorporated into the position. A full table is provided to detail the stipulation and other changes that have been made and their individual effects on the applicability: We have explained deeply about What is GST Return? File GST Returns Online & Types of GSTR ? Simply. click on the text to read more.  GST ITC Reversal as…

0 Comments

How to Register GST for Small Business in India?

Starting a small business in India can be exciting and rewarding, but it can also be daunting and confusing. That's why it's important to get everything in order from the start. This blog provides information on how to register GST for small business in India, along with details on the different forms and documents that you'll need to file. It also provides tips on when you should file your GST return in Mumbai and advice on how to manage tax time efficiently. So whether you're just starting out or you've already…

0 Comments

GST Council: Constitution, Functions, and Decision – Making

In the current taxation landscape of the country, the Goods and Services Tax for GST registration online is the central and vital tax structure. To make sure that the new tax regime is successful and goes beyond the expectations of the people, the government has established the GST Council. This council has the responsibility of making sure that the tax system is working as intended and also making decisions on various matters relating to the taxation of goods and services in India. In this blog, we will be discussing the constitution, functions…

0 Comments

GST Login – How to Login to GST Portal in India

It's time to start preparing for the upcoming GST return filing! And one of the first things you'll need to do is login to the GST portal (www.gst.gov.in). However, if you're new to this whole tax thing, don't worry - this blog will guide you through every step of the registration process, from registering for a GST number to logging into the GST portal. In addition to that, this blog also has information on important details you'll need to fill in while registering for the tax, as well as tips…

0 Comments

What is GST Return, File GST Returns Online & Types of GSTR ?

Did you know that every business needs to file a GST return? In this blog post, we will explain what GST is, the different types of returns that a business needs to file, and the deadline for filing them. Let us help you get started with your GST return filing in Mumbai and keep you informed about the latest changes and tax rulings related to the GST. Thank you for reading! What is GST? GST is the Goods and Services Tax that was implemented in India on July 1, 2017.…

0 Comments

Types of GST in India- CGST, SGST & IGST – Nicely Explained

In India, GST return filing has replaced a number of other taxes, including the service tax, value-added tax, and excise duty. When it entered into effect on July 1, 2017, the Goods and Services Tax Act (GST Act) was the 101st amendment to India's constitution. It was passed on March 29, 2017. The Goods and Services Tax (GST) is India's new centralized taxation system. Also, you can read here for How to file GST Registration – Process, Benefits & Penalty.All four of the most common types of GST— Central Goods and…

0 Comments

How to file GST Registration – Process, Benefits and Penalty

Overview of GST Registration GST was implemented in India with the intention of replacing many indirect taxes with a unified one. In addition to improving efficiency, GST facilitates collection due to its relatively simple nature.  Businesses with a yearly gross sales revenue of more than Rs. 40 lakhs* are needed to register for Goods and Services Tax (Rs 20 lakhs for North Eastern – All hilly states for sale of goods). If a service provider's annual revenue is beyond Rs.20 lakh (for regular category states) or Rs.10 lakh (for special…

Comments Off on How to file GST Registration – Process, Benefits and Penalty

Recommendations of GST Council are only recommendatory and not binding on Union and State: Supreme Court

The Supreme Court has ruled that the central government and states have equal powers to legislate on the Goods and Service Tax (GST). As a result, the GST council must work together to reach a workable solution between the Centre and the States, according to the Supreme Court. In particular, the Court ruled that the GST Council's recommendations are not binding on states, but merely have persuasive value. "States and Centre can equally legislate on matters of GST. All recommendations of GST council is not binding on State legislature," the Supreme Court held. The Supreme…

0 Comments

End of content

No more pages to load