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…

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…

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…

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…

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…

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…