All set for GST on 1st July, 2017…!!!

All set for GST on 1st July, 2017…!!!

 Highlights of 15th GST Council meeting held on 03rd June, 2016.

  • All States have agreed for 1st July, 2017 roll out
  • It is expected that credit of 40 per cent under draft transition law will be changed.
  • As of 2nd June, 2017 – 23 States/UT have passed SGST Acts.
  • GST Rates as per News Agency (Official details yet to be received by us)


Footwear below Rs. 500/- 5%
Footwear above Rs. 500/- 18%
Biscuits 18%
Beedis 28% without cess
Readymade garments 12%
Textiles (Natural Yarn, Fabric Cotton) 5%
Man-made Yarn 18%
Gold, Jems, Jewellery 3%
Rough Diamond 0.25%




Compliance Calendar for June, 2017

6 June 2017

  • Payment of monthly Service tax by all taxpayers other than Individuals, Proprietors and Partnership firms electronically
  • Payment of monthly Central Excise Duty by all assessees other than SSI Units electronically.

7 June 2017

  • Due date for deposit of Tax deducted/collected for the month of May, 2017.

14 June 2017

  • Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of April, 2017

15 June 2017

  • First Installment of Advance Income-tax for the Assessment Year 2018-19 viz. Financial Year 2017-18.
  • Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for the quarter ending March 31, 2017.

29 June 2017

  • Due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A in respect of its activities in financial year 2016-17.

30 June 2017

  • Return in respect of securities transaction tax for the financial year 2016-17.
  • Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2017
  • Report by an approved institution/public sector company under section 35AC(4)/(5) for the year ending March 31, 2017.
  • Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2016-17. This statement is required to be furnished to the unit holders in form No. 64B [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]


GST Tariff as finalised on 18th May, 2017

GST Tariff as finalised on 18th May, 2017

Decisions at GST Council Meeting yesterday on Tariffs

1) Tariffs for 1211 items has been finalised. Focused mainly on fitment of goods under slabs, discussed and approved
2) 7 GST Rules are approved, with Rules relating to Return and Transition in review.
3) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
4) Common man items have gone into 12% & 18% slab.
5) Indians sweets or mithai will fall under 5% slab.
6) Coal to be taxed at 5% against 11.69% currently.
7) All raw food items, including food grains to be exempt.
8) Processed food of daily needs to be in the 5% slab.
9) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
10) Tooth paste, hair oil will be taxed at 18% against 28% currently.
11) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

Note: GST Council will discuss the rate slab for important goods like gold, beedi, etc & Services tax rates, Today.


Tariffs as approved on 18th May, 2017

Cess Rates as approved on 18th May, 2017

GST Data Compilation

GST Data Compilation

52 days to go for GST Implementation date viz. 01st July, 2017. – Excel for GST Compliance.


By 10th of next month, details relating to the sales are to be uploaded on the GSTN (GST Network) every month.

A error in uploading the details of the customer, will result into no Tax credit to the customer. Due care is required at the supplier’s end for passing on correct tax credit.

A continuous error on one’s part, will result into lower GST Compliance Rating, which will impact overall image and branding of a business.

To ease out, we have prepared a excel sheet which would be helpful in keeping and tracking the details of the customers.

GST Questionnaire

Compliance Calendar for May, 2017

Compliance Calendar for May, 2017

  1. 6th May, 2017
    • Service Tax payment for the month of April, 2017 (exception: Individuals, Proprietors and Partnership firm)
  2. 7th May, 2017
    • TDS and TCS to be deposited for the month of April, 2017
  3. 15th May, 2017
    • Last date for Quarterly Statement of TCS (Form No. 27EQ)
  4. 30th May, 2017
    • Last date for Quarterly Statement of TDS (Form No. 26QB)
    • Quarterly TCS statement to be collected for Quarter ending March, 2017 (Form No. 27D)
    • Last date for filing Annual Return (form 11) for LLPs
  5. 31st May, 2017
    • Annual Certificate of TDS to employees in respect of salary paid and tax deducted during 2016-17 (Form Nos. 12BA and Form 16)
RERA from 1st May, 2017

RERA from 1st May, 2017

NEW DELHI: The much-awaited Real Estate Act comes into force from tomorrow with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules. 

The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer in king. 

    Real estate players have also welcomed the implementation of the Act, saying it will bring a paradigm change in the way the Indian real estate sector functions. 

      The government has brought in the legislation to protect home buyers and encourage genuine private players. 

        The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1. 

        “The Real Estate Act coming into force after a nine-year wait and marks the beginning of a new era,” Housing and Urban Poverty Alleviation Minister M Venkaiah Naidu said. 

        The Minister said the law will make “buyer the king”, while developers will also benefit from the increased buyers’ confidence in the regulated environment. 

          “The Act ushers in the much-desired accountability, transparency and efficiency in the sector, defining the rights and obligations of both the buyers and developers,” Naidu said. 

            The developers will now have to get the ongoing projects that have not received completion certificate and the new projects registered with regulatory authorities within 3 months from tomorrow. 

              Under the rules, it is mandatory for the states and UTs to set up the authority. 

                However, only 13 states and UTs have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharasthra, Madhya Pradesh and Bihar. 

                  The Housing Ministry had last year notified the rules for five Union Territories–Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep, while the Urban Development Ministry came out with such rules for the National Capital Region of Delhi. 

                    The other states and UTs will have to come out with their own rules. 

                      A HUPA ministry spokesperson said the ministry has been taking up the matter with all the states and UTs for implementation of the Act, requesting them to ensure action as per the provision of the Act within the time limit. 

                        The ministry had earlier formulated and circulated the model rules to the states and UTs for their adoption and it is their responsibility to notify the rules, the spokesperson said. 

                          Those states which have not notified the rules will face public pressure and even people could approach the court in the matter, he added. 

                            On reports that key provisions have been diluted by some states, he said it was pointed out to those states and they have assured the ministry that it would be corrected. 

                              The Indian real estate sector involved over 76,000 companies across the county. 

                                Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 per cent of the funds collected from buyers in a separate bank account for construction of the project. 

                                  This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes. 

                                    The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulator’s website, and provide quarterly updates on construction progress. 

                                    In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers, said real estate service provider JLL India CEO and Country Head Ramesh Nair. 

                                    RERA also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter, without any further charge, within 30 days, he added. 

                                        If the promoter fails to do so, the aggrieved allottee is entitled to receive compensation under RERA, Nair said. 

                                          Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities. 

                                            As per industry data, real estate projects in the range of 2,349 to 4,488 were launched every year between 2011 and 2015, amounting to a total of 17,526 projects with investments of Rs 13.70 lakh crore in 27 cities, including 15 state capitals. 

                                              About ten lakh buyers invest every year with the dream of owning a house. 

                                                Real estate industry bodies CREDAI and NAREDCO said the implementation of this law will bring paradigm change in the way Indian real estate functions. They expect property demand to rise but supply may get affected in the near term.

                                                “It will bring a paradigm change in the real estate sector. It will protect buyers who have purchased flats in the past. The regulator under the RERA should find ways to help complete ongoing projects and provide relief to home buyers,” NAREDCO Chairman Rajeev Talwar said. 

                                                CREDAI President Jaxay Shah said RERA will increase transparency in the sector and boost confidence of both domestic and foreign investors.

                                                He, however, said there will be some “teething problem” initially in implementation of this law.

                                                Asked about the impact on prices, Shah said, “Supply will dip during this year but demand will improve as buyers will have increased confidence about investing in the property market” 

                                                The real estate prices will remain stable now but rates couldrise by 10 per cent in the next six months, he added.

                                                The real estate sector is set to finally get its own regulator from May 1, 2017. The Real Estate (Regulation and Development) Act, 2016 (RERA) becomes effective in the entire country from tomorrow.

                                                Each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act.
                                                Source: ET