GOODS AND SERVICE TAX (INDIA) DAY For: Preliminary & Mains Topics covered: GST – Types, Features and significances, GST council, Criticism, way ahead News Flash The centre is celebrating two years of the Goods and Services Tax. 1st July is celebrated as the “GST Day”. The tax came into effect from July 1, 2017, through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian government. The…
Continue readingGOODS AND SERVICES TAX COUNCIL For: Preliminary & Mains Topic covers: Council’s meeting agendas, new plans and policies News Flash The next meeting of the GST council is now expected anytime in early June. The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for the National…
Continue readingGoods and service tax Council News Flash The GST council met today to clarify on the taxation of real estate projects, among other things. The Council will finalise the rules regarding the already availed Input Tax Credit (ITC) by real estate developers for under-construction projects before the new tax rates come into force from the next financial year. New announcements GST on under-construction projects will be slashed from 12% to 5%. And on…
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