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Noida, Jul 21 (PTI) Real estate developers in Noida and Greater Noida in western Uttar Pradesh expect the first Budget of the Modi 3.0 government to accord ‘industry status’ to their sector for easier access to funds, and address woes related to GST, including the 28 per cent taxation on cement.
Following crack down on 4 prominent builders and colonisers of the city in the way of search action at their offices State Goods and Service Tax (SGST) Department, builders deposited a whopping Rs 9 crore as GST in cash and Input Tax Credit. After scrutiny of documents, the due amount of GST payment may increase further.
Real estate developers are contesting the 18% Goods and Services Tax (GST) levy on the transfer of development rights within joint development agreements (JDA) between developers and landowners. They believe the JDA does not involve any sale of land and hence the transfer of the rights is not taxable.
The Hon’ble Supreme Court heard and issued notice wherein the Hon’ble Telangana High Court in the case of Prahitha Construction held that, the transfer of the development rights to real estate developers by way of Joint Development Agreement with the land owners, would fall within the purview of taxable service under GST.
Income Tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates…
Real estate developers have made representation before Finance Minister Nirmala Sitharaman to make amendments in the recent circular of imposing…