GST rate on development charges or infrastructure charges collected by builder from customer. If its part of agreement value can it be at 1% or 5%
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Assessee was carrying business's of readymade garments as proprietor for many years. On 27th March 2022, assessee expired. As on the date of his death and as on 31.03.2022, there was closing stock of goods of Worth Rs. 700000 and unutilised input credit available of Rs. 58000/- . He was survived by his widow and minor child one Son and one daughter. As per the advice of tax consultant, wife has obtained the fresh registration under GST and continued the business. GST number of old proprietor is still not cancelled and no sale of cl stock is made. Issues: 1.…
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Apropos of the Question and Answer @ https://itatonline.org/digest/qa/is-collection-of-gst-by-mc-of-housing-associations-not-highly-objectionable-hence-to-be-stopped/ STATES have the power to levy GST on ‘supply of goods’ ; whereas the CENTRE ‘s power is restricted to levy tax only on ‘supply of services’ . As such, the 2020-21 GST Law Amendment, according to a view, rightly canvassed so, in so far as it imposes GST Levy on Clubs and Associations, by a deeming provision, cannot become effective in any State unless and until there is an independent Notification issued by that State . Premised so, the point of grave doubt is, besides the applicable MUTUALITY PRINCIPLE ,- whether…
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Assessee is registered dealer under GST Act . Returns for the period august 2018 to March 2019 were filed late on 31.10.2019. The last date of filing for it was 20.10.2019 as per sec 16(4). Assessee has received Notice u/sec. 16(4) asking him to pay the input credit availed in belated returns and also showcase as to why penalty U/Sec. 73 should not be levied for this default. Assessee has given all information to his Tax consultant in time , however due to some reasons he could not filed the Returns in time. <span;>Is there any remedy to regularise the…
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I AM A REGISTERED DEALER IN COMPOSITION SCHEME. I HAVE FISH SALE- 5000000/- AND MECHINERY PARTS SALE-5000000/- FISH SALE-HSN 0302 IS NIL RATED/EXEMPTED. DEPARTMENT IMPOSED 1% TAX ON TOTAL TURNOVER 10000000/- AM I LIABLE TO PAY TAX ON TOTAL TURNOVER?
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I am service tax practitioner . In the several service tax notices issued to our clients I observed that the same DIN is quoted for 2 assesses. What is the legal effect . When DIN is duplicated can it be considered to be valid.
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https://itatonline.org/articles_new/law-on-levy-of-gst-on-services-provided-by-housing-societies-resident-welfare-associations-rwa-explained/?fbclid=IwAR0QFsBtxFNXAraIzZAfD5Yn9W6mgugt__hL7xHyOpusAU4943mcCTs4ToI https://gstindiapro.com/2021/05/04/mutuality-principle-bowring-institute-gets-aar-reprieve-on-gst/#:~:text=Mutuality%20principle%3A%20Bowring%20Institute%20gets%20AAR%20reprieve%20on,Authority%20for%20Advance%20Rulings%20giving%20a%20favourable%20order. Attention is invited to the last posted comment wrt the AAR in re Bowring case. The AAR has upheld the claim for exemption on the ground MUTUALITY, pending Notification by the central and state governments. In essence, the 2021Amendment of the GST law , that too with retro effect , is not in force till then. However , some high end housing associations who have already been collecting GST without considering , rather in violation and blatantly ignoring, the host of precedents, have started making additional collections. Is that not highly objectionable and the governing committee should stop…
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Stock broker is dealing in its own Ac in future & option of equity/currency/commodity/index through stock exchanges. Whether stock broker needs to revere the Common ITC on transaction on securities on above transaction of future & option? If yes then, how to calculate sale value of security in case of future transaction of equity & index? As per explanation value of security will be 1% of sale value of security. whether value of security is 1 % of notional sale value of securities or 1 % of net of difference between future buy & sale.? Further how to calculate value…
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SERVICE TAX ORDER PASSED RAISING DEMAND OF A PARTNERSHIP FIRM. SAID PARTNERSHIP FIRM IS ALREADY DISOLVED AND CLOSED IN YEAR 2018 AND NOT HAVING ANY RUNNING BANK ACCOUNT. Q1 - CAN THE SERVICE TAX APPEAL BE FILED WITHOUT MANDATORY PRE-DEPOSIT OF 7.5% OF DISPUTED DEMAND Q2. - IF ONE OF THE PARTNERS PAYS 7.5% OF DEPOSIT UNDER SERVICE TAX REGISTRATION OF APPELLANT PARTNERSHIP FIRM AND IF THE APPEAL SUCCEDS AND THE FIRM IS ELIGIBLE TO CLAIM REFUND - IN WHICH BANK ACCOUNT SUCH REFUND WILL BE ISSUED? Q3. CAN PARTNERSHIP FIRM/APPELLANT INSTRUCT THE DEPARTMENT TO ISSUE REFUND OF PRE-DEPOSIT ON…
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BCCI HAS CONTRACT WITH CRICKETOR WHEREIN FOR EVERY FOREIGN TOUR BCCI PAYS FOR EXAMPLE - 100 DOLLAR PER DAY AS ALLOWANCE FOR LOCAL EXPENSE INCURRED BY CRICKETOR IN RESPECTIVE COUNTRY. FOR 15 DAYS TOUR TO USA - BCCI PAY 1500 DOLLAR AS ALLOWANCE IRRESPECTIVE OF ACTUAL EXPENSE INCURRED. IF ACTUAL EXPENSE IS INCURRED LESS THAN THE ALLOWANCE GIVEN - THEN THE DIFFERENCE AMOUNT IS TRNAFSRRED IN SAVING BANK ACCOUNT OF CRICKETOR IN INDIA IN INR. WHETHER GST WILL BE APPLICABLE ON SUCH ALLOWANCE
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What is the GST rate on Development and other charges