The GST bill has received the Presidential assent on Thursday 8th Sept, 2016 making it a law henceforth. Earlier in Aug 2016, Parliament had passed the Constitutional Amendment bill enabling the GST. After which it was presented to the states for ratification. The bill had to be ratified by more than half of the states […]

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While ‘post Occupancy CertificateSale’ byitself is not covered under the ambit of GST, sale of under construction flat shall attract GST. Attention is drawn to Section 7(1) (d) read with Item 5(b) of Schedule II to the CGST Act, 2017/SGST Act, 2017 which deals with taxability of under construction flats   The above-mentioned item of […]

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Presently, the tax structure of India is very complex. Looking to the global developments and tax structure of developed countries, GST is the need of the hour. The need of GST can further be explained in the following points:-   There are various definitional issues related to manufacturing, sale, service, valuation etc. arises. These needs […]

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(a) Increased FDI: The flow of Foreign Direct Investments may increase once GST is implemented as the present complicated/ multiple tax laws are one of the reasons foreign Companies are wary of coming to India in addition to widespread corruption. (b) Growth in overall revenue: It is estimated that India could get revenue of $15 […]

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The tax structure will be made lean and simple The entire Indian market will be a unified market which may translate into lower business costs. It can facilitate seamless movement of goods across states and reduce the transaction costs of businesses. It is good for export oriented businesses. Because it is not applied for goods/services […]

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