Posted on

Everything About GST Rate on Directors Remuneration (Income)

GST Rate on Directors Remuneration

This article presents details about GST on directors remuneration, GST on sitting fees, commission and so on.

Sections and Notifications for Tax Applicability

Under section 9(3) of CGST Act & section 5(3) of IGST Act, the government has the authority to notify the levy of GST on RCM basis on goods and services.

According to the government notification through entry no. 6 of Notification No. 13/2017- Central Tax (Rate) dated 28th June 2017 & entry no. 7 of Notification No. 10/2017- Integrated Tax (Rate) dated 28th June 2017, any services provided by a director of a company to the concerned company would come under reverse charge. Read More

caportal
Posted on

Applicability of GST on Under Construction Flats in India

GST on Under Construction Flats

The government has recently revised GST applicability and rates on both under-construction properties and ready-to-move-in flats. The new rates will be applicable from April 1, 2019.

GST (Goods & Services Tax) is an indirect tax system which was implemented in India on 1st July 2017 thereby replacing all the existing indirect taxes on the supply of goods and services. Here we will discuss the important points about GST on under construction flats. Read More

caportal
Posted on

GST Rate on Completed Flats or Ready to Move Apartments in India

GST Rate on Completed Flats

GST (goods and Service Tax) is an indirect tax which applies to all supply of goods and services. When it comes to buying a home, GST is applicable but only on under-construction properties because here construction refers to the supply of service.

How is GST Applicable to Completed Flats?

When we talk about the fully constructed apartment or home, there is no GST rate on completed flats.

This is because a completed project – ready-to-move apartment or villa is neither a good nor a service. When the property is under construction, the developer is giving a service to the buyer by building or constructing the project and so the GST is imposed. But in a completed project, there is an absence of service and so no GST is applicable. It is a property on which stamp duty is paid. Read More

caportal
Posted on

Reconciliation of GSTR 1 and GSTR 3B Return Forms

Reconciliation of GSTR 1 and GSTR 3B

Reconciling of GSTR 1 and GSTR 3B holds incredible value as any mismatch between the two can exclude you from the good books of government and may comply the tax authorities to send you to demand notice in order to solve the unwanted issues that may obstruct the errorless filing of the annual returns. To understand the importance of reconcilement in this context, let us first know about these two forms. Read More

caportal
Posted on

GST Rates on Hostel Services in Educational Institutions

GST on Hostel Services

Levying a tax on the education sector is indeed a delicate but an important concern because education is not just a business, it is more about the social task which polishes and prepares our future generations. Government has an important role to play in this sector and so does government by providing free and compulsory elementary education to every child of the nation and exempting tax on educational services. Read More

caportal
Posted on

GST Software for Restaurant Business in India – Download Free Demo

GST Software for Restaurants

A true innovation that serves all – Gen GST Software was invented by SAG Infotech with the mission to become an epitome of accurate, compliant and in-time GST management. Aptly termed ‘panacea from SAG Infotech’, Gen GST Software serves an errorless and effortless management of GST related activities in compliance with the latest tax rules and regulations, irrespective of what the business is. Read More

caportal
Posted on

Input Tax Credit (ITC) on Capital Goods under GST with Example

ITC on Capital Goods under GST

There are different provisions under the GST regime to calculate input tax credit (ITC) on capital goods under GST, availability and non-availability of input tax credit and ITC reversal calculation as well.

In addition to this, capital goods use special provisions as well for both taxable and exempted supplies.

What are Capital Goods Under GST Act?

Under section 2 (19) of the GST Act, “Capital goods” is mentioned as the goods, worth of which is capitalized in the books of account of the person requesting for the input tax credit and the goods which are used and meant to be used in the course or furtherance of business. Read More

caportal