New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities
The GST portal (“System”) generates various documents, such as notices/ orders, etc which are communicated to the taxpayer. Most such documents have a system-generated unique identifier DIN (Document Identification Number)/ RFN (Reference Number). These documents, by virtue of being generated by the System, are already traceable in the portal, mostly on the taxpayer’s dashboard. Still, […]
“Revoking GST Registration Cancellation: Implications for Input Tax Credit”
CASE: Allyssum Infra Vs Union of India (Gujarat High Court) The petitioner, which is a partnership firm engaged in the business of real estate projects, has challenged in this petition order of cancellation of its Goods and Services Tax Registration. The Goods and Services Tax registration of petitioner came to be cancelled on the ground […]
GSTN’s Advisory on Bank Account Validation
Functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Taxpayer is correct. Disclaimer: This Article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of […]
GST implications on Transfer of Development Rights in Real Estate
Introduction: The real estate sector in India is a significant contributor to the economy and has grown significantly in recent years. The government has implemented various policies and regulations to boost the sector, including the Goods and Services Tax (GST). The Goods and Services Tax (GST) has had a significant impact on the real estate sector, particularly in relation to the transfer of development rights (TDR). The purpose of this article is to provide a clear understanding of the GST implications for TDR in the real estate sector, including applicable rates and exemptions for residential and commercial projects. Meaning of TDR: TDR stands for Transfer of Development Rights. Owner of land allows promoter (builder ) to develop the land and construct on in his land. Taxability of TDR depends on whether transfer of TDR is for construction of residential apartments, or it is for the commercial units. If […]
Tenancy Rights under GST
INTRODUCTION The transfer of tenancy rights against tenancy premium which is also known as “pagadi system” is prevalent in some States. In this system the tenant acquires, tenancy rights in the property against payment of tenancy premium(pagadi). The landlord may be owner of the property but the possession of the same lies with the tenant. […]
GST Rate on services provided by sub-sub-contractors to the main contractor – AAAR M/s. Shreeji Earth Movers
Fact of the case M/S Kababhai Popatbhai Savalia (Shreeji Earth Movers) (“the Applicant”) is a registered firm having is engaged in providing works contract service directly to sub-contractors who execute the contract with the main contractor for original contract work with the irrigation department (State of Gujarat). The Government Irrigation Division awarded work contract to […]
Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023
The Electronic Cash Ledger (ECL) functionality under Customs Act, 1962 provides enabling provision whereby the importer, exporter or any person liable to pay duty, fees etc., under the Customs Act, has to make a non-interest-bearing deposit with the Government for the purpose of payment. The statutory provision came into force on 01.06.2022. Pending development of […]
Time limit for Reporting Invoices on the IRP Portal
It has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores. To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of […]
Key Takeaways from the Latest GST Notifications on 31st March 2023
The government makes changes to the GST laws and regulations on a regular basis in order to improve and streamline the system. The government issued a series of GST notifications on March 31, 2023. Highlights of these notifications is as follows: Late fee waiver for FORM GSTR-4: Notification No. 02/2023–CENTRAL TAX Period Nature of Return […]
GST on under-construction residential properties: Key points to know for buyers and developers
It will be having huge impact of the increased rate of Jantri in Gujarat on the real estate sector and the broader economy. Jantri is a government-mandated rate used for determining the value of real estate assets and is used to calculate stamp duty and registration fees for property transactions. The increase in Jantri will […]