2.1Exempt Supplies (GST is not applicable) Goods: Sale and rental of unfurnished residential property ,Importation and local supply of investment precious metals. Service: Financial services, E.g. issue of a debt security 2.2 Out-of-Scope Supplies: ...
On September 14, 2023, the Department of Finance Canada issued anews release(the “News Release”) regarding proposed legislation to be enacted in order to enhance the existing GST New Residential Rental Property (“NRRP”) rebate on certain new purpose-built rental property. The proposed ...
However, the said deemed value is applicable only where the following conditions are met: Recipient of the service (i.e., the borrower) is a related person of the supplier (i.e., the guarantor), Recipient of the service is located in India (since GST is not levied on export of ...
Note: If you supply furnished property, the rent on the furnished item should be charged separately with GST where applicable. Sale where goods are delivered from overseas to another place overseas. Services Most local provision of services would fall under this category e.g. provision of spa se...
The GST has one more significant tax effect on commercial property rent. The legislature adopted the concept of a "reverse charge mechanism" from the GST service tax regime. Unlike the service tax regime, the reverse charge mechanism (RCM) is applicable to services and not extended to the manu...
The petitioner was Mr Vilas Chandanmal Gandhi, who is the owner of the property lie amid of PMC and wanted to construct the property partnered with M/s. Amar Builders and Developers share the profits on the sale of residential and commercial projects which is to be developed through constructi...
Any additional revenue collected from GST can lower personal, corporate, and property income tax rates. For more details, please go through thee-tax guideprovided by IRAS. Informing customers of price increases If you’re using the transition to the new tax rate to also increase the prices or...
Whether transfer of tenancy rights to an incoming tenant, consideration for which is in the form of tenancy premium, shall attractGSTwhen stamp duty and registration charges is levied on the said premium, if yes what would be the applicable rates?
The majority concluded the the phrase ‘to be used predominantly for residential accommodation’ is only concerned with the characteristics of the property in terms of its suitability, and not with any person’s intended use of the property. The majority also considered that the introduction of the...
residential status of huf residential status of company residential status of others 7.Computation of total income heads of income deduction under each head of income salaries income from house property profits & gains of business or profession ...