The applicant had booked the flat on May 9, 2017, and complained that the benefit of lower taxes following roll out of goods and services tax (GST) from July 1, 2017, was not passed on by way of reduction in prices.
Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge 12 per cent GST from buyers on the balance amount due towards purchase of the flat.
The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31, 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020.
GST refunds of exporters run into thousands of crores and any delay in the processing of refund claims blocks working capital of exporters.
India plans to make QR code-based payment mandatory in all shops.
In a wide ranging interview to Moneycontrol, Chief Economic Adviser Krishnamurthy Subramanian said that a single rate GST structure is an ideal to move towards but there was a need to be practical as well
Restaurant owners also want a clear and fixed policy for governing the sector.
As per the prevailing regulations, about 18% GST is charged on the premium paid for Health Insurance. Under Section 80D of the Income Tax Act, the tax benefit can be claimed for the payment made for health insurance policies.
The FAQ said developer will be able to issue a 'Credit Note' to the buyer as per provisions of Section 34 in case of change in price or cancellation of booking.
Gandhi said the Congress believes that rising prices have put a heavy burden on the life of the common man.
Finance Ministry has compiled a list of FAQs that real estate stakeholders may have with regards to treatment of GST.
According to S&P Global Ratings the institutional framework for Indian states is evolving, but there is structural deficits due to persistent revenue expenditure mismatch.
The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers' committee has already been set up.
With this ruling the uncertainty surrounding tax treatment of such ancillary charges may come to an end.
The government reported a total gross GST collection of Rs 1,13,865 crore for the month of April.
Businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.
As many as 7.595 million GSTR 3Bs (summary returns) were filed till 31 March for February, against 7.348 million a month.
Several consumers have filed complaints through a mobile app -Iris Peridot - that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns.
Among the 14 measures suggested by the report, the other steps include creation of the National Tourism Authority and Advisory Council, release of tourism competitiveness index, greater coordination at state level and creation of land bank repository.
Procter and Gamble (P&G), Johnson & Johnson (J&J), Samsung and other companies are already being investigated by the DGAP.
E-invoice generation method will be similar to the one being followed for e-way bill on the 'ewaybill.nic.in' portal or payment of Goods and Services Tax on the GSTN portal.
Gandhi also tweeted a video on the Congress's vision for "GST 2.0", which highlights the problems faced by small traders from the current version of the Goods and Services Tax (GST) and how the party wants to simplify it.
Businesses under GST composition scheme, however, will be barred from generating e-way bill if they fail to file tax returns for two consecutive filing periods, which is six months.
"The April GST collection may be highest ever since regime rollout," said a senior government official.
P&G's India is the manufacturer of washing powder brands Ariel and Tide; shampoo brands Heads & Shoulders and Pantene; cosmetics brand Olay, and shaving and dental hygiene brands Gillette and Oral