Impact of GST on Rentals from Immovable Property Rental from Immovable Property in GST Regime Under GST Regime, ‘renting of immovable property’ is included in schedule II which defines it as the supply of services on which the GST rate is 18%. However Entry no. 12 of exemption Notification no. 12/2017 dated 28.06.2017 exempts the […]
Different invoices under GST 1. Invoices under GST: Issued by registered taxable person who is supplying taxable goods/services. A total of 3 copies are to be issued (original for recipient, duplicate for transporter, triplicate for supplier) i.e.in case of goods, either at the time of removal or when it becomes available to the recipient, and, […]
Penalty for filing income tax return after due date is only applicable from FY 2017-18 The government has introduced a maximum fee amount of Rs.10,000 for delayed filing of income tax return by individuals in the last budget presented in February this year.
Sales Return in GST Act I. Statutory Provisions of Sales Return in GST Act Under Section 142(1) States that Where any goods on which duty, if any, had been paid under the existing law at the time of removal thereof, not being earlier than six months prior to the appointed day, are returned to any place […]
GST on property: Things you should know Being pegged as a revolutionary tax reform since Independence, the Goods and Services Tax (GST) is likely to eliminate the complex and ambiguous tax structure plaguing the country currently. To bridge the gap between the government, developers and consumers, Magicbricks orgainsed an event ‘Real Estate – The RERA […]