Blogs

PREFACE 

The transactions in the real estate sector have their own peculiarities and thereby one has always felt the need for having a separate set of provisions that would be more specific to this sector rather than the general provisions that would be applicable to any other sector. This need was felt right from the sales tax ( later VAT) as well as in service tax regime.  
However, with the series of changes that have been made effective from 1st April, 2019 it can be seen that the...

Introduction: To ease out the GST compliances for the MSME sector, the Government has introduced a new scheme of tax for the suppliers of goods or services who are not covered under the existing composition scheme u/s 10 of the CGST Act, wherein the GST shall be discharged at a flat rate of 6% and annual returns need to be filed with monthly payment of taxes. This scheme could be recommended to the vendors of registered persons who are not in a position to avail ITC for various reasons,...

The days of Central Excise Duty (ED) are over[1], a cool and exquisite tax it was. Make no mistake about it, half of the Goods and Service Legislation’s learnings are down to the Central Excise Act, 1944 and its sub-ordinate rules. Revenue’s audits and investigations would be more of a dead letter, for the better part the maximum period of inventing new avenues of generating demands (outta nowhere) expires on 10^th July 2022. Some things never changes though, DG-CEI (now known by its...

The transactions in the real estate sector have their own peculiarities and thereby one has always felt the need for having a separate set of provisions that would be more specific to this sector rather than the general provisions that would be applicable to any other sector. This need was felt right from the sales tax ( later VAT) as well as in service tax regime. 

However, with the series of changes that have been made effective from 1^st April, 2019 it can be seen that the step in...

Introduction:

The main intention of removal of difficulties (ROD) order no. 02/2018 was to facilitate all the registered persons providing additional opportunity to rectify the errors or omissions of the financial year 2017-18 including availment of the GST input tax credit which was not availed within the due date i.e. September 2018. Now, the due date for the rectifications/amendments in the GSTR-1 and availment of ITC in GSTR-3B has been extended through ROD order no. 02/2018 till...