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May 10, 2019
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New GST rates: Realty firms get deadline extension
The developers have been given a one-time option to continue with the existing slabs (effective rate of 12 per cent for regular and five per cent for affordable housing) or switch to the new slabs (5 per cent for non-affordable and 1 per cent for affordable housing) for under-construction or ongoing projects. If the option is not exercised, by default the new rate will be applicable, but without input tax credit.
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May 10, 2019
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GST chink likely to increase input tax credit of real estate companies
A recent clarification by the indirect tax department may leave a loophole in the goods and services tax (GST) system by enabling the real estate companies to claim higher input tax credit than they are entitled to. In a set of frequently asked questions (FAQs), the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday cleared the air on GST rates on under-construction houses. This followed the GST Council’s decision to allow the real estate companies to choose between the lower rate of 5 per cent without input tax credit or a higher rate of 12 per cent but with ...
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May 10, 2019
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FMCG distributors face GST scrutiny for post-sale discounts
Coca-Cola India’s bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers, said a person familiar with the matter. The authorities have asked why GST was not paid on these discounts, treating them as services by distributors. In some cases, authorities have sought sales details for the past five ..
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