Team Legistify | Legistify

Team Legistify
Answered on 13 Oct 2019

The GST on under-construction flats, which are not in the affordable housing segment, has been reduced to 5% without input tax credit (ITC) from 12% earlier with the ITC. Read More

Posted on 17 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 13 Oct 2019

 The GST rate on affordable homes has been reduced to 1% without the ITC from earlier 8% with the ITC.Read More

Posted on 17 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 13 Oct 2019

There are different kinds of GST returns in India that must be filed before the given due dates on a monthly, quarterly and yearly basis. Non-compliance with GST returns can attract heavy penalties to the business. The most common types of GST returns are GSTR-1, GSTR-2, GSTR-3, GSTR-3B and GSTR-9. A late fee of Rs. 100 per day is applied for non-filing of GST return. Documents required for GST Return Filing GSTIN of the business. The invoices of sales made during the period. The invoices of purchases made during the period. Process of Filing a GST Return The business submits its documents for the preparation of GST returns. On the basis of purchases, sales, output GST and input tax credit, the GST returns are prepared. The GST return is shared with the business for approval. The different returns applicable over the business are filed with GST authority before the due dates.Read More

Posted on 22 Apr 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 13 Oct 2019

Yes, you need to pay GST. The GST on under-construction flats, which are not in the affordable housing segment, has been reduced to 5% without input tax credit (ITC) from 12% earlier with the ITC.Read More

Posted on 05 Sep 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 13 Oct 2019

Reverse charge is a mechanism where the recipient of the goods and/or services is liable to pay GST instead of the supplier.  When is Reverse Charge Applicable: Supply from an Unregistered dealer to a Registered dealer Services through an e-commerce operator Supply of certain goods and services specified by CBEC GST is an application of freight paid for the transportation of goods on reverse charge basis.  GST leviable on under section 9 of CGST Act 2017, shall be paid on reverse charge basis by the recipient of supply of services by a goods transport agency (GTA) in respect of transportation of goods by road to: 1. any Factory registered under or governed by the Factories Act, 1948 2. any Registered Society 3. any Co-Operative Society established by or under any law; or 4. Any Company 5. any Partnership Firm. 6. Association of person. 7. any GST registered person.  Read More

Posted on 03 Aug 2019 | 1 Answer

Mohim Roy | Legistify

Mohim Roy
Answered on 27 Sep 2019

TDS @ 1% is to be deducted on all Property Transactions which are above Rs. 50 Lakhs. This TDS is to be deducted on all types of Property Transactions irrespective of whether the property in consideration is a flat or a building or a vacant plot. TDS is to be deducted irrespective of whether it is a Residential Property or Commercial or Industrial Property. TDS is to be deducted on all types of property transactions except Agricultural Land.Read More

Posted on 24 Sep 2019 | 1 Answer

Mohim Roy | Legistify

Mohim Roy
Answered on 18 Sep 2019

According to the revised GST rates, for the under-construction projects, builders can either continue in 12 per cent GST slab with ITC (8 per cent for affordable housing) or opt for 5 per cent GST rate (1 per cent for affordable housing) without ITC.Read More

Posted on 17 Sep 2019 | 1 Answer

Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 03 Sep 2019

For flats priced more than Rs 45 lakh, the new GST rate applicable from April 1, 2019, stands at 5 per cent, against 12 per cent currently. The Council also cut GST rates on affordable housing to 1 per cent, from the current 8 per cent.Read More

Posted on 02 Sep 2019 | 1 Answer

Karishma Pandit | Legistify

Karishma Pandit
Answered on 07 Aug 2019

Indians can play and win international lotteries online. Indians cannot visit the foreign country, buy a lottery ticket with their foreign currency. This method is illegal under the FEMA law. If you participate in an international lottery online and win in India, you need to pay 30% income tax on the winnings plus cess. For more information, you can consult a good FEMA lawyer in India.Read More

Posted on 05 Aug 2019 | 1 Answer

Mohim Roy | Legistify

Mohim Roy
Answered on 07 Aug 2019

When you sit down to file your income tax return (ITR), Form 16 issued by your employer may not be the only document you need. The income from selling capital assets, house property and interest on deposits needs to be disclosed in your ITR form. Concealing or misreporting income from these sources is a sure-shot invitation to a tax notice. Tax authorities are tightening the noose around tax offenders.  Section 54F of the Income Tax Act states that long-term capital gain from the sale of house property can be claimed as a tax exemption in the following cases: A new residential house property must be purchased or constructed to claim the exemption. The new residential property must be purchased either 1 year before the sale or 2 years after the sale of the property/asset. Or the new residential house property must be constructed within 3 years of sale of the property/asset If you are not able to invest the specified amount in the manner stated above before the date of tax filing or 1 year from the date of sale, whichever is earlier, deposit the specified amount in a public sector bank (or other banks as per the Capital Gains Account Scheme, 1988). Only one house property can be purchased or constructed. Starting FY 2014-15 it is mandatory that this new residential property must be situated in India. The exemption shall not be available for properties bought or constructed outside India to claim this exemption. Read More

Posted on 06 Aug 2019 | 1 Answer