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Corporate News *   GST: TVS Motor joins Hero MotoCorp to seek reduction in rate on two-wheelers *   SPARC gets GST notice for ₹46.04 crore *   GST on service sector: Vague orders by advance ruling authorities spell trouble *   Jubilant FoodWorks slapped with Rs 41.42 crore Demand by GST Anti-Profiteering Authority *   Kerala High Court dismisses 3,250 Petitions challenging VAT Assessments post GST *  Rs 230-crore GST scam by Tamil Nadu steel traders unearthed *  Telcos seek GST waiver on payments to govt, Rs 35K-cr input credit adjustment *  Domino's Pizza fined for not passing GST rate cut benefits to customers   *  Patanjali dealer fined for not passing on GST rate cut to consumers *  Foxconn awaiting Rs 1,000 crore GST refund *   Hyderabad: Probe reveals shell firms floated only for GST fraud *  Firm evades Rs 1.27-crore GST; proprietor booked *   Tax Rate on Fly Ash Bricks:- Condition of 90% or more fly ash content *  Ahmedabad CGST officials bust fake GST invoice racket worth Rs 175 crore *    Government Wants To Lower GST On Under-Construction And Finished Houses: Modi *  GST: Focus shifts to enforcement actions, returns, refund simplification *   GST authority finds HUL guilty of profiteering Rs 383 crore *  Many changes made in GSTR-9 and GSTR-9C. *   Whether IIM to be treated as educational institution for availing benefit of exemption? (See Pj Case Law-2018/19-3488) *  Admissibility of exemption to loading, storage of agricultural products when imported through sea port. ( See Pj-Case Law-2018/19-3486) *  Whether amortized cost of tool provided by recipient includible in value of components supplied? (See PJ-Case Law-2018/19- 3487) *  Whether NHPC Ltd. is required to pay GST under RCM for payment made to PWD for construction of road? ( See PJ/Case Law/2018-2019/3489) *  Legal Heir liable to VAT Arrears to the extent he succeeded to Deceased Person’s Estate: Kerala High Court *  Govt unearthed Rs 12,000 crore GST Evasion in 8 Months *  Karnataka GST Amendment Bill passed: CM Hints at Low Revenue from Cess *  Punjab Unanimously passes GST Amendment Bill *  GST Dept arrests Women Director in Scam of Rs. 43 Crores *  GSTN develops New Return Filing System, says Shiv Pratap Shukla     *  Non-Filing of GST Returns: Jammu & Kashmir Govt to initiate proceedings against 1300 Dealers   *   Government extends deadline for GST returns filing for taxpayers affected by cyclones
Subject News *   Delayed filing of returns: Rs 4,172 crore late fee collected since GST launch *   Qatar urges Modi Government to include natural gas in GST *   Panel May Suggest 5% GST On Under-Construction Homes *  FY 2018-19 - CGST targets revised downward by Rs 1 lakh Crore    *  Issuance of physical copy of AA and EPCG authorisation to be discontinued  *   GST FRAUD ALERT: With fake companies fraudsters steal Rs. 800 crore.   *   Qatar, India’s biggest supplier, wants natural gas in GST ambit *   Soon, no e-way bill if GST returns not filed for 6 months  *  GST Evasion Alert: Three arrested in a Scam worth Rs 478 crore *   Petition in Bombay High Court challenging Constitution of GST Appellate Tribunal *   GST officials are conducting searches on the Pharma company offices in Hyderabad *   Government Open To Review GST In Education Sector: Shiv Pratap Shukla *   Chennai : Man prepares fake GST Receipts worth Crores , arrested after huge  cache of forged documents found  *   Next GST Council meet on March 1, simpler return process expected to be unveiled *   GST Council may look to rationalise 28% slab; taxes on cement may be cut *  GST cut in real estate: Buying flats can become cheaper after January *   Govt. extends Due date for filing Form GST TRAN-1 from January 31, 2019 to March 31, 2019 *   CBIC extends Due Date for filing GSTR-8 *   GSTN Alert: Two New Features added in GST Portal *   Gujarat High Court struck down GST Provision imposing Pre-Condition on Exports *   GST: Govt excludes Certain Exempt Services for determining Eligibility for Composition Scheme *   ITC not available for GST paid for Hotel Stay on Rent-free Accommodation provided to Company Director and Manager: AAR *   GST Dept to initiate Recovery Proceedings against Interest Defaulters *   Govt panel favours lowering of GST rates on under-construction houses *  GoM favours cutting GST to 5 pc on residential properties, 3 pc on affordable housing  *  LAUNCH OF OUR BOOK  TITLED- A COMPREHENSIVE GUIDE TO GST FOR EXPORTERS. *  Reduction in GST rate on property will propel demand *  Bollywood Film ‘ Uri ’ declared GST – Free in Uttar Pradesh *  GST collections cross Rs 1 lakh crore in January  *  Travel portals seek clarity on TCS provision under GST   

Comments

Homebuyers must avoid traps on the name of NO GST Impact

To woo customers in such a market, developers use various terms in ads, SMSes and emails. This is what they mean and why you shouldn’t fall for it.
 
No GST impact
The real estate sector came under the goods and services (GST) regime after it got implemented in the country. For completed projects, there is no GST. For under-constructed project, you have to pay 12% GST.
What it means: If the builder is selling you a completed project or if the property has got completion certificate, then you are not supposed to be charged GST. If the house doesn’t fall under these categories and still the developer says he is waiving GST, it means he is factoring the GST cost in the total amount. “Builders also have an input credit. When he says GST is inclusive, builder also gets input credit. So effective cost in the hand of the builder generally comes to 6-6.5%

(Source:-www.livemint.com)

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