SRA & Co.

We are of the view that the waiver of late fee should be extended to the taxpayers who already paid it otherwise it will be injustice to the loyal taxpayers

https://timesofindia.indiatimes.com/business/india-business/gst-late-fee-waiver-unfair-say-those-who-have-paid/articleshow/76404851.cms

GST late fee waiver unfair, say those who have paid - Times of India India Business News: As the waiver has been given with the condtion that such return should be filed between July 1st till September 30th, 2020, huge resentment is being w

34th GST Council updates on transition of real estate projects on 01.04.2019

1. Builders given the option to continue with old rates for projects not completed as on 31.03.2019. Option can be exercised only once.

2. Reduced rate of 5% applicable subject to NO ITC and commercial area in housing project should not have carpet area more than 15% of total carpet area.

3. Builders covered under lower rate is mandatorily required to procure upto 80% of Inputs and Input services from GST registered vendors only. In case of shortfall pay tax under RCM.

4.The transition credit to be decided on basis of percentage completion method. To extent project remains incomplete, ITC to be reversed on 01.04.2019.

5. For mixed project including commercial as well as residential, ITC to be allowed on pro-rata basis on the basis of carpet area.