The Composition Scheme is an alternative and optional scheme within the Goods and Services Tax (GST) system for small businesses with turnover below a specified threshold. The primary goal of this scheme is to simplify tax procedures, reduce the compliance …
GST on Real Estate Sector: The real estate sector holds a pivotal position in any country’s economy, and India is no exception. In recent years, this sector has garnered significant attention. In this article, we will delve into the implications …
Transfer of Tax Liability under GST: In the realm of Goods and Services Tax (GST), there are circumstances where recovering tax liabilities from a taxpayer directly may prove to be impossible. To address such situations, Sections 85 to 94 of …
GST on Works Contract- A Comprehensive Guide: As per section 2(119) of the CGST Act, 2017, “Works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any …
GST on renting of residential house property: This is one of the areas where amendments are coming time and again. So, let us understand the various provisions of GST applicable to such a supply: Renting of residential house is considered …