GST Impact & New compliances Traders

GST Impact & New compliances Traders

GST | Written by : Suryaa Desk| Updated: Sat, Jul 08, 2017, 06:52 PM

 

Tax Structure in Existing and New structure:

Existing regime:


Hospitality and restaurant industry in plagued by multiple taxes (Service tax, VAT and luxury tax) in the current indirect tax regime.

As input credit from central taxes cannot be set-off against VAT liability and vice-versa, this leads to cascading effect this was a major dis-advantage and it will get eliminated with GST regime.

New GST Regime:
According to the law on GST, it appears that all services in relation to Traders would be subject to levy of GST as the same is to be treated as ‘supply’.


 




Whether TDS applies on following:


•    Acquisition of development right
•    One time Lease premium paid for long term lease
•    Redevelopment potential acquired from society
•    Development potential acquired from developer / landowner
•    TDR from open market
•    Sales proceed received from customer