GST Rates on Real Estate Transactions in Detail- Finsights

GST Rates on Real Estate Transactions in Detail- Finsights

Who are you? (Stakeholder) LAND OWNER BUILDER CONTRACTOR IN LABOUR MANUFACTURER & TRADERS SERVICE PROVIDERS Which Transaction?  A. Sale of Land According to Section 7(2) of the CGST Act of 2017, the sale of land is not considered a supply under GST, read with Schedule III. Because ‘supply’ is the taxable event that attracts GST, … Read more

GST Audit: All things that you need to know!

GST Audit All things that you need to know!

Recently, registered companies and individuals have been under the radar of CIBC for GST Audit Scrutiny. If you are a duly compliant registered person, you have a lower chance of being noticed for a GST audit. Before delving into the cases and situations in which one must follow the GST Audit procedure, let us first … Read more

ITC reversal on inputs/input services (Rule 42)

According to Section 16(1) of the CGST Act, 2017, when goods and/or services are used for both non-business and business purposes, the registered person can only claim the ITC attributable to business purposes. Thus, such transactions involving both business and non-business purposes will necessitate the registered person to divide the credit into eligible and non-eligible … Read more