Service  Tax & Income Tax Consultants Bangalore, Accounting Services, Audit Firm in India.

Service Tax & Income Tax Consultants Bangalore, Accounting Services, Audit Firm in India.

Service Tax & Income Tax Consultants Bangalore, Accounting Services, Audit Firm in India.

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Email us : info@s3solutions.in

A dummies guide to India GST rates in 2017 : 12-09-2017


Here is the complete updated list

Under the Goods and Services Tax (GST) the government categorised 1211 items under various tax slabs. Here is a low-down on the tax slab these items would attract:

No tax

No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc.

5% slab

Goods
Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %.

Services
Transport services (Railways, air transport), small restraurants will be under the 5% category because their main input is petroleum, which is outside GST ambit. Textile job work will be taxed at 5%.

12%

Goods
Apparel above Rs 1000, frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones, Ketchup & Sauces, All diagnostic kits and reagents, Exercise books and note books, Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, Spectacles, corrective, Playing cards, chess board, carom board and other board games. Table and kitchenware, Batters, including idli / dosa batter, Textile caps,sprinklers,Cotton quilts(quilts exceeding Rs 1000 per piece),Statues, statuettes, pedestals,ceramic articles, porcelain items, ornamental articles, bells, gongs, non-electric of base metal,animal carving material.

Services
State-run lotteries, Non-AC hotels, business class air ticket, fertilisers, work contracts.

28%

Goods
Bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use.

Services
Private-run lotteries authorised by the states, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting, cinema.

18% slab

Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.

All you need to know about the RERA Act

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.

Here is what the RERA has in store for home buyers..

Real estate prices

The prices haven’t come down to the extent it was expected. Huge unsold inventory, lack of new demand, demonetisation amongst others has not led the builders bringing
the rack rate down albeit few discounts and freebies to the customers.

Impact of RERA:
Rohit Gera, MD, Gera Developments and VP Credai – Pune Metro, says, “Before RERA, the risk of delays, quality, title, and changes were borne by the customer. These will now be borne by the developer and there will be a premium that the flat purchasers will have to pay for transferring this risk to the developer. There is no room for developers to absorb these costs and so they may be transferred on to the customers by way of price increase.”

Delayed delivery

Untimely delivery of real estate projects has been the biggest bane for the buyers. Of late, almost all projects especially projects launched 2010-2013 have defaulted in delivery within the stipulated time primarily because funds were diverted to new projects by the builders instead of using them in completing the existing ones.

Impact of RERA:
Now, as per the RERA Act, the promoter has to maintain a ‘separate account’ for every project undertaken wherein 70 per cent of the money received from the buyers shall be deposited. Such funds can only be used for the purposes of construction and land cost.

Real estate developers will have to furnish additional information regarding the ongoing projects for the benefit of the buyers besides depositing 70% of the unused funds in a separate bank account to ensure their completion.

Ongoing projects

Developers will have to make public the original sanctioned plans and changes made later, total amount collected from allottees, money used, original timeline for completion and the time period within which the developer will complete the project, certified by an Engineer/Architect/practicing Chartered Accountant.

Role of Regulatory Authority

Each Regulatory Authority in the state will have the responsibility to register and regulate real estate projects and real estate agents registered under this Act.

It will also be required to maintain a website for public viewing, of all real estate projects for which registration has been given.

Quality of construction

The quality of the construction has also been a matter of concern with several builders. The RERA rules provides for protection against this up to 5 years after possession.

In case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale is brought to the notice of the promoter within a period of five years, it shall be the duty of the promoter to rectify such defects without further charge, within 30 days.

What you get to see

No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the RERA established under this Act.

Each advertisement has to carry the RERA registration number.

Registration of projects

Make sure you buy a project which is registered with the RA. Once the state has its RA established, builders will be required to register their projects with it by furnishing all the information including, financial statements, copy of legal title deed and other documents.

The builders will get a registration number project-wise i.e. tower wise.

Booking amount

Currently, most builders ask for 10 percent of the total cost of the property as a booking amount.

Now as per RERA, a promoter cannot accept more than 10 of the cost of the property, as an advance payment or an application fee, without first entering into a registered agreement for sale.

Text: Sunil Dhawan,

Source : Times of India