Goods and Services Tax

There has been a regular comparison between the completed project and under-construction projects. In the latter GST is charged whereas in the former it is not. Fully ready to move in houses are neither covered under the term “goods” nor “services” for levy of GST. The very mindset that under construction houses are built as per the specification of the consumer and ready to move in are not, needs to be changed. In today’s world where thousands and thousands of units are constructed in a project there arises no question of specification from customer. Levying a small percentage of GST on both under-construction and built in residential units would be great idea, exempting a few affordable housing projects. This will not only increase the revenue but also not pinch hard to the customers, also improving liquidity crunch faced by builders. We all know that since GST has been enforced, we have preferred built in units instead of under construction ones for obvious reasons. Th...

Short Term Memory   GST Loss – CA. Keshav R Garg At new year eve when world was busy celebrating, the GST department was serving its own feast. They released over 50 documents in total as a new year gift for the consultants, taxpayers and other stakeholders. These 50 documents include 35 notifications, 12 circulars and 3 orders. These in total make a literature of around 125-150 pages on which the minds of the professionals have started running. But one thing is certain that level of confusion and anxiety it creates for the outside world, the same level of confusion and anxiety persists within the GST department. It is meant to be so, after all it is an election year. With Next GST council meeting round the corner, the authorities might have to refill the ink to sign the forthcoming documents. This gamut of notification and circulars not only create confusion but might cause Short Term Memory oops GST Loss for many. Human RAM looks like choking continuously pushing us to c...