GST on under-construction flats slashed to 5%; affordable housing to attract 1%
NEW DELHI: In a big relief to home buyers, the GST Council Sunday slashed tax rates on under-construction housing properties to 5 per cent without input tax credit, from the existing 12 per cent, Finance Minister Arun Jaitley said. The Council also cut GST rates on affordable housing to 1 per cent from the current […]
Budget 2019: NAREDCO seeks rationalization of GST on under-construction properties
NEW DELHI: National Real Estate Development Council (NAREDCO), an apex body of real estate sector, has requested Government to address the key concerns of the real estate industry and home buyers, offer tax incentives across housing segments and boost buyer’s confidence through a slew of measures in the upcoming interim Union Budget 2019-20. NAREDCO, the […]
Telugu film star Mahesh Babu’s bank accounts frozen over tax dues
NEW DELHI: The Goods and Services Tax (GST) department on Thursday said it has attached the bank accounts of Telugu superstar Mahesh Babu to recover service tax dues from him. According to a press release issued by the Hyderabad GST Commissionarate, Mahesh Babu has not paid the Service Tax during 2007-08 for the taxable services he rendered […]
Working to bring 99 per cent things in sub-18 per cent GST slab: Narendra Modi
NEW DELHI: Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that ’99 per cent things’ attract sub-18 per cent GST slab. Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, […]
Cement may become cheaper, GST Council meeting next week
NEW DELHI: The GST Council is likely to rationalise the 28% slab by cutting tax rates on construction items, like cement, in its meeting next week. The council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, has pruned the 28% slab by cutting tax rates on 191 goods over the last one-and-a-half […]
Need loan restructuring, lower GST, dedicated fund for stalled housing projects: CREDAI
NEW DELHI:Faced with liquidity crunch, realtors’ apex body CREDAI on Thursday sought one-time restructuring of loans provided to the sector as well as a dedicated fund for the completion of stalled housing projects. It also demanded reduction in the GST rate for under-construction homes at 8 per cent from the current 12 per cent, besides […]
Sale of flats after issue of completion certificate not to attract GST: Finance ministry
NEW DELHI: The finance ministry on Saturday said GST will not be levied on buyers of real estate properties for which completion certificate is issued at the time of sale. However, Goods and Services Tax (GST) is applicable on sale of under-construction property or ready to move in flats where completion certificate is not issued […]
GST collection drops to Rs 97,637 crore in November
NEW DELHI: Goods and Services (GST) collection in November dropped to Rs 97,637 crore, lower than Rs 1 lakh crore collected previous month. The total number of GSTR 3B returns filed for October up to November 30, 2018, is 69.6 lakh, the finance ministry said in a statement. Compensation released to states for the August-September […]
GST compensation paid to states declines to Rs 11,900 crore in August-September
NEW DELHI: GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said. The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May. “Over Rs 11,900 crore has been released to […]
India’s economic growth held back due to demonetisation, GST: Raghuram Rajan
By Lalit K Jha WASHINGTON: Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country’s needs. Addressing an audience at the […]
GST collections cross Rs 1 lakh crore in October
NEW DELHI: GST collections in October have crossed the Rs 1 lakh crore mark, Finance Minister Arun Jaitley said on Thursday. The revenue from goods and services tax (GST) in September was Rs 94,442 crore. GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April and since then it […]
GST Revenue collection for September 2018 crossed Rs 94,000 crore
NEW DELHI: The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which CGST is Rs. 15,318 crore, SGST is Rs. 21,061 crore, IGST is Rs. 50,070 crore (including Rs. 25,308 crore collected on imports) and Cess is Rs. 7,993 crore (including Rs. 769 crore collected on imports). […]