sify.com 2018-12-09 06:26:00
No GST on sale of flats with completion certificate: Government No GST on sale of flats with completion certificate: Government Sun, Dec 09, 2018 11:56 hrs New Delhi: The government on Saturday said that buyers of real estate properties will not have to pay Goods and Services Tax (GST) if they purchase the fully constructed property after the issue of completion certificate. "It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/building and ready-to-move-in flats where sale takes place after issue of completion certificate by the competent authority," the Ministry of Finance said in a statement. The GST is applicable on sale of under construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale, it said. The Ministry further said that housing projects in the affordable segment such as Jawaharlal Nehru National Urban Renewal Mission, Rajiv Awas Yojana, Pradhan Mantri Awas Yojana or any other housing scheme of state governments will attract GST of eight per cent. "For such projects, after offsetting input tax credit, the builder or developer in most cases will not be required to pay GST in cash as the builder would have enough ITC in his account books to pay the output GST," the statement said. For projects other than affordable segment, the government said it is expected that the cost of the complex/buildings/flats would not have gone up due to implementation of GST. "Builders are also required to pass on the benefits of lower tax burden to the buyers of property by way of reduced prices/instalments, where effective tax rate has been down," it said. SEARCH
sify.com 2018-11-29 05:06:00
GST return filing dates extended for cyclone-hit AP, TN districts GST return filing dates extended for cyclone-hit AP, TN districts Source : Last Updated: Thu, Nov 29, 2018 10:36 hrs New Delhi: The government on Wednesday extended the due dates for filing of Goods and Services Tax (GST) returns for taxpayers in 11 districts of Tamil Nadu affected by cyclone Gaza and one district of Andhra Pradesh affected by cyclone Titli. "In view of the disturbances caused to daily life by cyclone Titli in the district of Srikakulam, Andhra Pradesh and by cyclone Gaza in 11 districts of Tamil Nadu...the competent authority has decided to extend the due dates for filing various GST returns," the Ministry of Finance said in a statement. The 11 affected districts in Tamil Nadu are Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapatinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram. Taxpayers from Srikakulam (Andhra Pradesh) can file GSTR-3B for September and October by November 30, while the same can be filed by taxpayers of the 11 Tamil Nadu districts by December 20, the statement said. Those having aggregate turnover of more than Rs 1.5 crore and are from Srikakulam can file GSTR-1 for September and October by November 30, and those from the 11 districts in Tamil Nadu can file for October by December 20. Srikakulam taxpayers having aggregate turnover of up to Rs 1.5 crore can file their GSTR-1 form for the July-September quarter by November 30, it said. Filing of form GSTR-4 for the quarter can be done by November 30 by the Srikakulam taxpayers. Further, the due date for filing GSTR-7 for all taxpayers have been extended till January 31, 2019. SEARCH
sify.com 2018-11-22 07:26:00
Businesses evaded paying indirect taxes of Rs 29088 crores in seven months Businesses evaded paying indirect taxes of Rs 29088 crores in seven months Source : SIFY Last Updated: Thu, Nov 22, 2018 12:56 hrs Businesses in the country may have evaded paying indirect taxes to the tune of Rs 29,088 crores. Directorate General of GST (Goods and Services Tax) Intelligence, the finance ministry's investigation arm was quoted in a report saying that the evasion was observed in 1,835 cases recorded in seven months between April to October of current fiscal year. "DGGI officers have detected total indirect tax evasion of Rs 29,088 crore (290.88 billion) during April-October," an anonymous official was reported as saying in a PTI report. The report further says that evasion in paying GST accounted to Rs 4562 crores. 571 cases were reported by the agency for evasion of GST. Bulk of the cases pertained to evasion of service tax. 1,145 Service tax evasion cases cumulatively accounted for Rs 22973 crores. In the case of central excise duty, DGGI detected 119 cases involving tax evasion to the tune of Rs 1553 crores. The agency claimed it made recoveries from the evaders. Of the Rs 29088 crores evaded, Rs 5427 crores has been recovered. Of this, Rs 3124 was recovered from cases evading GST, Rs 2174 crores in the case of service tax, and Rs 128 crores for central excise.The agency claims that law enforcement officials had tightened rules and hence more recoveries may be likely. However evasion figures were reportedly on the lower side, since they did not include the figures reported by field officers from the Central Bureau of Indirect Taxes and Customs. The ministry and agencies such as DGGI have increased their focus on checking evasion. In September, an office of the Commissioner of GST (Investigation) headed by Neeraj Prasad was set up. Informant reward schemes for central excise and service tax have been extended to GST. The scheme itself has been modified to offer rewards to officers from government agencies such as police, BSF (Border Security Force), CISF (Central Industrial Security Force) and the Coast Guard.The reward, sources say is an eligibility for 20% of net sale-proceeds of contraband goods seized or amount of duty and service tax evasion plus penalty levied and recovered. SEARCH
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