GST-Reduced Liability of Tax on complex, building, flat etc_ PIB press release MOF

Comments

  1. Unknown16 June 2017 at 03:43

    How it will impact us?

    ReplyDelete
    Replies
    1. Unknown16 June 2017 at 11:28

      Builders are calling buyers to pay all the money before GST to avoid higher rate of taxes under GST though the builders have not completed construction. so the MOF has released press release clarifying that because of anti profiteering clause (section 171, CGST Act) builders are asked to pass on the benefit of input credit to the customer so the ultimate burden of tax will be less and the same is clarified in detail in above press release..

      Delete

Post a Comment

Popular posts from this blog

REVISED LIST OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL

SCHEDULE OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL The rates of services were as discussed on 19 May 2017 during the  14 th  GST Council meeting and as revised in 16 th and 17 th GST Council meeting. Sr. No. DESCRIPTION OF SERVICES Input credit GST RATE 1. Transport of goods by rail With ITC of Input Services 5% 2. Transport of passengers by rail (other than sleeper class) With ITC of Input Services 5% 3. Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use] No ITC 5% 4. Services of goods transport agency in relation to transportation of used household goods for personal use. No ITC 5% 5. Transport of goods in a vessel including services provided or agreed to be provided by a person located in non-taxable terri...
Read more

HSN/ SAC codes under GST & List of HSN/SAC codes

Image
Meaning of HSN and SAC The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System of Nomenclature” or simply “HSN” is a multipurpose international product nomenclature developed by the World Customs Organization (WCO).  HSN codes are used internationally to codifying and classifying all the products in the World. The system is used by more than 200 countries worldwide. Similar to the International HSN Codes, Under GST Services are also classified and have been allotted specific CODE commonly known as  (SAC) Service accounting Code. So for all the Goods HSN codes while for the Services SAC numbers need to be specified in bills under GST Is it compulsory to mention HSN codes for Every Person? As per  Notification No. 12/2017 – Central Tax following persons are require to file HSN/SAC codes. So according to above notification. the person whose turnover during Previous year i.e. for F.Y. 2016-17 was up to 1.50 ...
Read more