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Rental from Immovable Property in GST Regime Under GST Regime, “renting of immovable property” is included in schedule II which defines it as supply of services on which the GST rate is 18%. However Entry no. 12 of exemption Notification no. 12/2017 dated 28.06.2017 exempts the services by way of renting of residential dwelling for use as residence, meaning thereby that if the residence dwelling is leased out for commercial purposes then no exemption will apply and the rental from such  residential property  being leased out for commercial activity shall be taxable to GST. Supply is Interstate or Intrastate, a tricky proposition The concept whether the supply is interstate or intrastate is new so far as services are concerned. In pre  GST regime  service tax was a Central Tax there was no State Tax on services. But in GST regime supply of services are subject to Central Tax as well as State Tax in the like manner as applicable in case of supply of...

Measures for promoting affording housing “It is proposed to exempt service tax on construction of affordable houses up to 60 square meters under any scheme of the Central or State Government including PPP Schemes.”   After a prolonged demand from industry, the Central Government announced above incentive and vide Notification no. 9/2016 dated 01 st March 2016 came up with a scheme of exemption from service tax liability pertaining to low cost houses up to carpet area of 60 sq meters to be developed by private developers. Before any new project could have seen the light of day under new exemption notification, and start under the new scheme, there comes a GST from 1 st  of July 2017 whereby this exemption to affordable housing by private builders, from service tax stands omitted in the new list of exempted services approved by GST council. Thus the group housing projects proposed by private builders up to a carpet area of 60 square meters no longer qualify for exe...

Goods and Services Tax ( GST ) is considered to be the biggest tax reform in independent India.  As the deadline comes closer, small and medium companies as well as large enterprises are working on the transition from VAT era to GST regime. No doubt, this transition won't be an easy task especially for those who are linked with fast-moving goods, durable, pharmaceuticals. Nevertheless, cutting down inventory levels is not an easy task either.  Already inventory correction has started across various sectors. Instead of lifting stocks for two months or so, the companies are taking up stocks for 10- 12 days. Understanding the problem The biggest question going around various quarter is – what will happen to the stocks sold after June 30.  Incidentally government had already announced that trade across various categories will get 40% reimbursement of the tax paid portion only.  In this regard, one can certainly highlight Section 167(1) of the revised Mo...

Introduction of GST to the Indian Tax System GST is considered to be the biggest change in Indian economy ever since the 1991 economic reforms which ushered in the globalization, bringing in a whole lot of changes in all the business sectors of India. Although the GST is concerned with indirect taxation only, its impact on the economy is considered to be very important considering the volume of monetary transaction carried out in a country like India.  As it has been mentioned before, that the GST will be rolled out from July 1, all the existing companies in India are presently engaged in transforming their whole structure to the GST regime. Truly, the rules and regulations of the GST are certainly very different from the existing VAT regime.  We shall now discuss various aspects which will be crucial for this major transformation in the indirect tax arena.   Eligibility for GST –  No doubt, this has been the topic of discussion all over. First and foremost o...

The whole idea of limited liability partnership (LLP) is very common in India. This specific partnership pinpoints the fact that some partners in a partnership may have limited liabilities. Importantly, under LLP one partner is not responsible or liable for another partner’s misconduct or in any negligence. One can definitely say, the idea of LLP is similar to that of stakeholders in a corporation.  Interestingly, LLP is different from the idea of limited partnership. No doubt, LLP is a much advanced concept in the domain of business and considered to be a far better aspect that limited partnership. The whole procedure of registering for LLP in Delhi is simple.  Let’s not forget that registered office is mandatory along with two partners.  As per the existing clause, both partners need to be residents of India.  The advantage in this case is, one can use residential address as registered office address.  The whole process of LLP registration can ...

Gone are those days when register a private limited company in India was a big hassle altogether. At present, the whole process has become much easier in the digitized era.  Importantly enough, the whole process doesn’t take too much of a time either and a concerned person be aware of the essentials and requirement of the whole process beforehand.  The following steps will definitely be a guide in registering a private limited company in India.   Applying for Digital Signature form : A Digital Signature establishes or furnishes the identity of the sender or signee electronically while filing documents digitally.The proposed directors of the company to be formed need to apply for digital signature form, which is readily available in the authorized site.   Obtaining Director Identification Number (DIN) for proposed directors of the company to be formed : This is the first step of the whole process. What will be the number of directors and who are going to be...

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