Once real-time reporting of transactions to a central portal starts, it will be practically difficult for the businesses concerned to reduce their tax liability by inflating the claims for input tax credits.
FE has juxtaposed the I-T data for FY16 with the Household Survey on India’s Citizen Environment & Consumer Economy (ICE 360° Survey), conducted by the People Research on India’s Consumer Economy (PRICE) for the referenc
Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said.
Both the firms wanted clarity on the applicability of GST on proceeds received from contract bottling units (CBUs). Sale of alcohol for human consumption is outside GST purview, and only state-specific taxes are levied on it
Jagdeep S Chhokar, one of founders of the Association for Democratic Reforms (ADR) and the former IIM Ahmedabad professor says that even though there are no real positive changes in the country’s democracy, there is hope fo