• About
  • Advertise
  • Contact
Tuesday, February 19, 2019
No Result
View All Result
BECOME A CONTRIBUTOR
WeWillRiot BLOG
11 °c
San Francisco
  • Home
  • World
  • Politics
  • Business
  • Science
  • Travel
  • Automobiles
  • Entertainment
    • All
    • Gaming
    • Sports
    How Will The Premier League Be Affected Post-Brexit?

    How Will The Premier League Be Affected Post-Brexit?

    England XI To Face Croatia In Nations League

    England XI To Face Croatia In Nations League

    NC State Football To Host ECU In 12th Game Of 2018

    NC State Football To Host ECU In 12th Game Of 2018

    James Milner Has Become Central To Jurgen Klopp And Liverpool

    James Milner Has Become Central To Jurgen Klopp And Liverpool

    Football’s Yellow First-Down Marker Turns 20 Years Old

    Football’s Yellow First-Down Marker Turns 20 Years Old

    GCMS Football Hits No. 1 Ranking

    GCMS Football Hits No. 1 Ranking

    Croatia’s Luka Modric Wins FIFA’s Best Player Of The Year Award

    Croatia’s Luka Modric Wins FIFA’s Best Player Of The Year Award

    Fifa Warns Sierra Leone It Faces A Ban From Global Football

    Fifa Warns Sierra Leone It Faces A Ban From Global Football

    The Top 5 College Football Teams’ Biggest Weaknesses

    The Top 5 College Football Teams’ Biggest Weaknesses

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    7 Mental Health Hacks You Should Do Right Now

    7 Mental Health Hacks You Should Do Right Now

    Five Ways your Cell Phone is affecting your Health

    Five Ways your Cell Phone is affecting your Health

    Various Ways Of Wearing Hijab

    Various Ways Of Wearing Hijab

    The challenge of cleaning the Mattress to make the bed feel fresh

    The challenge of cleaning the Mattress to make the bed feel fresh

    The Five Designers Debuting At New York Fashion Week Next Month

    The Five Designers Debuting At New York Fashion Week Next Month

    What Too Much Alcohol Can Do To Your Health

    What Too Much Alcohol Can Do To Your Health

    Measles Cases Reach Record High In Europe Region

    Measles Cases Reach Record High In Europe Region

    Make Up Tips for Your 30,s

    Make Up Tips for Your 30,s

    5 Reasons Why Denim Is A Must-Have In Your Closet

    5 Reasons Why Denim Is A Must-Have In Your Closet

    Here’s Where Amazon Stands In Fashion Ahead Of Prime Day

    Here’s Where Amazon Stands In Fashion Ahead Of Prime Day

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Using Instagram Comments to Your Advantage

    Using Instagram Comments to Your Advantage

    WordPress Photography Mistakes to Avoid If You Wish to Engage Traffic from Instagram

    WordPress Photography Mistakes to Avoid If You Wish to Engage Traffic from Instagram

    No Plan To Sell Tower Business To Jio: BSNL

    No Plan To Sell Tower Business To Jio: BSNL

    Unique And Interesting Trends In UX Design For 2018

    Unique And Interesting Trends In UX Design For 2018

    Influencer Marketing- A trick how to focus on influential audience

    Influencer Marketing- A trick how to focus on influential audience

    Three Task Forces In The Works To Boost Trade & Tech

    Three Task Forces In The Works To Boost Trade & Tech

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Home
  • World
  • Politics
  • Business
  • Science
  • Travel
  • Automobiles
  • Entertainment
    • All
    • Gaming
    • Sports
    How Will The Premier League Be Affected Post-Brexit?

    How Will The Premier League Be Affected Post-Brexit?

    England XI To Face Croatia In Nations League

    England XI To Face Croatia In Nations League

    NC State Football To Host ECU In 12th Game Of 2018

    NC State Football To Host ECU In 12th Game Of 2018

    James Milner Has Become Central To Jurgen Klopp And Liverpool

    James Milner Has Become Central To Jurgen Klopp And Liverpool

    Football’s Yellow First-Down Marker Turns 20 Years Old

    Football’s Yellow First-Down Marker Turns 20 Years Old

    GCMS Football Hits No. 1 Ranking

    GCMS Football Hits No. 1 Ranking

    Croatia’s Luka Modric Wins FIFA’s Best Player Of The Year Award

    Croatia’s Luka Modric Wins FIFA’s Best Player Of The Year Award

    Fifa Warns Sierra Leone It Faces A Ban From Global Football

    Fifa Warns Sierra Leone It Faces A Ban From Global Football

    The Top 5 College Football Teams’ Biggest Weaknesses

    The Top 5 College Football Teams’ Biggest Weaknesses

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    7 Mental Health Hacks You Should Do Right Now

    7 Mental Health Hacks You Should Do Right Now

    Five Ways your Cell Phone is affecting your Health

    Five Ways your Cell Phone is affecting your Health

    Various Ways Of Wearing Hijab

    Various Ways Of Wearing Hijab

    The challenge of cleaning the Mattress to make the bed feel fresh

    The challenge of cleaning the Mattress to make the bed feel fresh

    The Five Designers Debuting At New York Fashion Week Next Month

    The Five Designers Debuting At New York Fashion Week Next Month

    What Too Much Alcohol Can Do To Your Health

    What Too Much Alcohol Can Do To Your Health

    Measles Cases Reach Record High In Europe Region

    Measles Cases Reach Record High In Europe Region

    Make Up Tips for Your 30,s

    Make Up Tips for Your 30,s

    5 Reasons Why Denim Is A Must-Have In Your Closet

    5 Reasons Why Denim Is A Must-Have In Your Closet

    Here’s Where Amazon Stands In Fashion Ahead Of Prime Day

    Here’s Where Amazon Stands In Fashion Ahead Of Prime Day

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Using Instagram Comments to Your Advantage

    Using Instagram Comments to Your Advantage

    WordPress Photography Mistakes to Avoid If You Wish to Engage Traffic from Instagram

    WordPress Photography Mistakes to Avoid If You Wish to Engage Traffic from Instagram

    No Plan To Sell Tower Business To Jio: BSNL

    No Plan To Sell Tower Business To Jio: BSNL

    Unique And Interesting Trends In UX Design For 2018

    Unique And Interesting Trends In UX Design For 2018

    Influencer Marketing- A trick how to focus on influential audience

    Influencer Marketing- A trick how to focus on influential audience

    Three Task Forces In The Works To Boost Trade & Tech

    Three Task Forces In The Works To Boost Trade & Tech

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
No Result
View All Result
WeWillRiot BLOG
No Result
View All Result
Home Business

Indian Real Estate Firms May Face Probe By GST Anti-Profiteering Body

Indian Real Estate Firms May Face Probe By GST Anti-Profiteering Body
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

Real estate developers are likely to be the first to face investigation by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax (GST) regime that kicked in from 1 July.

A standing committee of officials attached to the recently set up National Anti-profiteering Authority (NAA) has received several complaints of builders not passing on the benefit of lower tax under the GST regime, some of which will be taken up for investigation if there is prima facie evidence of profiteering, said a person aware of discussions in the authority on condition of anonymity. The NAA, chaired by senior bureaucrat BN Sharma, will direct the Director General of Safeguards (DGS), an investigating body within the Central Board of Excise and Customs (CBEC), to probe the issue, the person said.

Under GST, while under-construction houses attract a 12% tax, the quantum of tax rebates available to the developer on the final product is substantial as the tax already paid on raw materials like cement and steel is substantial at 18%.

In the earlier regime, the central government charged a 15% service tax on 30% of the value of under-construction flats, which worked out to 4.5%. This, together with the value added tax (VAT) levied by states on work contracts of 4-5%, took the total tax burden to about 9% without input tax credit.

In GST, the rate is 12% with input tax credit. The high component of tax credits means that the effective tax burden in the new regime is lower than earlier, explained the person cited above.

“Ideally builders should reduce the equated monthly instalment (EMI) to be paid by consumers. However, some developers are claiming higher input costs and change in business strategy to increase (the tax exclusive) price correspondingly. If they are increasing the price, they have to give justification, which has to pass the test of reasonableness,” the person said. Another official aware of the complaints said, “We have received complaints against builders from across India. The common tenor of the complaint is that the builders have increased the prices of the houses citing GST. The complaints will now be looked into as the anti-profiteering authority has now been set up.”

This post originally appeared on hindustantimes

Tags: GSTIndianReal Estate
James

James

Related Posts

Why Switzerland Is Worried About UK Trade After Brexit

Why Switzerland Is Worried About UK Trade After Brexit

by J. William
November 23, 2018
0

Ever since the UK voted to leave the European Union in 2016, Switzerland has been carefully watching Brexit proceedings. The...

Stocks Plunge In Asia After Wall Street Sell-Off

Stocks Plunge In Asia After Wall Street Sell-Off

by J. William
October 25, 2018
0

Asia stocks have joined a global sell-off after a bruising session on Wall Street which saw two of the three...

World Shares Mostly Higher Before EU Meets To Discuss Brexit

World Shares Mostly Higher Before EU Meets To Discuss Brexit

by J. William
October 17, 2018
0

SINGAPORE (AP) — Share prices in Europe and Asia were mostly higher on Wednesday before a European Union meeting seeking...

PayPal Launches PayPal For Business In India

PayPal Launches PayPal For Business In India

by James
October 5, 2018
0

PayPal, a global technology platform and digital payments leader, on Thursday announced the launch of its first merchant-focused App in...

IMF Says, World Economy At Risk Of Another Financial Crash

IMF Says, World Economy At Risk Of Another Financial Crash

by J. William
October 4, 2018
0

The world economy is at risk of another financial meltdown, following the failure of governments and regulators to push through...

WTO Cuts Trade Growth Forecast Amid US Tariff Disputes

WTO Cuts Trade Growth Forecast Amid US Tariff Disputes

by J. William
September 28, 2018
0

GENEVA (AP) — The World Trade Organization lowered Thursday its global trade growth forecasts, citing increased trade tensions between large...

Category

  • Animal
  • Automobiles
  • Business
  • Crime
  • Entertainment
  • Fashion
  • food
  • Gaming
  • Health
  • Inspiration
  • Lifestyle
  • Movie
  • Music
  • Politics
  • Science
  • Sports
  • Tech
  • Travel
  • World

BECOME A CONTRIBUTOR

All it will take is a minute to expose and explore your talent and creativity. So what are you waiting for JOIN today for free.
BECOME A CONTRIBUTOR

Site Links

  • Register
  • Log in
  • Entries RSS
  • Comments RSS
  • WordPress.org

About Us

” WeWillRiot.com ” A Blog which is a site for all sort of things. From Entertainment to Current news, Spirituality to Science, Bollywood to Hollywood, from what’s Trending to what’s not.

  • About
  • Advertise
  • Contact

© 2018 WeWillRiot.com

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Gaming
  • Sports
  • Fashion
  • Lifestyle
  • Tech
  • Health
  • Food

© 2018 WeWillRiot.com