As we all know real estate sector is one of the fastest growing sector all over the world. But presently indirect tax regime of India for real estate sector provides for complex tax environment due to multiplicity of taxes. Like if we look around us there are very few peoples who have knowledge of tax applicability on work contractors because it is coupled with multiplicity of taxes like Service tax, VAT and stamp duty.

Are you thinking about to start your own business! check how?

Recent time has witnessed a high surge in the eco-system best suitable to feed and take care of start-ups. We can summarize some of them as under:-

Finance Bill 2017 introduced a new Section 269ST in the income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs. 3 lakhs through modes other than the modes prescribed in that section.

Do you know how GST is important for your company?

Do you know GST will reduce your food and drink Bills?

E-commerce is fast gaining traction in today’s world. In simple terms, e-commerce can be described as the conduct of any commercial activity using the Internet as a medium.

Ok, Have your missed the deadlines for GST migration registration? Don’t worry! you would not be missed out!
And you know that is not hard to assess, the Government has loaded us with various financial changes at same time.

We are hearing a lot about 200% penalty on undisclosed income, particularly after the announcement by Hon’ble Prime Minister for discontinuation of currency notes of Rs. 500/- and Rs. 1000/-. It has triggered various kinds of misunderstanding and rumours about the rate and incidence of penalty on (i) undisclosed income or (ii) furnishing inaccurate particulars of income, as prescribed under income tax laws.

Refund shall be granted after adjusting any outstanding demand payable by the applicant. If Proper Officer is satisfied that refund is not payable then he shall issue a notice requiring applicant to furnish a reply within 15 days. Any amount rejected as refund shall be re-credited to the electronic credit ledger.

The registration under SGST for the State shall mean registration under SGST and CGST for that State. IGST is the total of CGST and SGST, hence would not require separate registration.

Crux is that we perceived the GST as eight lane super national highway, but it turnout to be a typical Indian road with encroachments, potholes and diversions. Rest you are best to judge.

Finally, after accepting the some major suggestions by Congress party, Constitutional Amendment Bill has been passed by Rajya Sabha on 03/08/2016 and by Lok Sabha on 08/08/2016.

The Government has already been started its preparations to implement the GST in terms of information technology, transitional provisions, data exchange system and other administrative issues. However, tax payers have not prepared anything till now. This would create huge burden to change on fast basis.

Apart from the above beneficial provisions under income-tax Act, beneficial provision in respect of payment of service tax on quarterly basis and facility of payment of service tax on receipt basis is being extended to a One Person Company (‘OPC’) with effect from 1 April, 2016, which would also benefit start-ups registered as OPCs.

Assignment of right to use the spectrum and its transfers has been deducted as a service leviable to service tax and not sale of intangible goods.
Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record

Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.