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Gst On Renting of Immovable Property🧵
In this thread we will discuss renting of both commercial & residential property 🕵️ (1/4)
#gst #tax #incometax #tds #gstn
In this thread we will discuss renting of both commercial & residential property 🕵️ (1/4)
#gst #tax #incometax #tds #gstn
1. Renting of Residential Dwelling.🏡
A) If residential dwelling is used for commercial purpose then GST is payable on Forward charge basis.(office etc)
B) If residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. (2/4)
A) If residential dwelling is used for commercial purpose then GST is payable on Forward charge basis.(office etc)
B) If residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. (2/4)
C) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by registered person then it's taxable under RCM.
D) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by unregistered then it is exempt.(3/4)
D) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by unregistered then it is exempt.(3/4)
One of our client (Trader) had GST Department Audit yesterday
A few points I noticed (Thread)
1. They came with a list of mismatch with books & 2A (books input that was sent by us)
They came up with a mismatch of 53 lakhs worth of Input (When reconciled with 2A ..
1/n
A few points I noticed (Thread)
1. They came with a list of mismatch with books & 2A (books input that was sent by us)
They came up with a mismatch of 53 lakhs worth of Input (When reconciled with 2A ..
1/n
.. 2A online we found there was no such mismatch and they were shocked as on their end it was not showing these bills in 2A)
They were shocked but I had experience of #GSTN portal, all thanks to #Infosys
One point of SCN was cancelled
2/n
They were shocked but I had experience of #GSTN portal, all thanks to #Infosys
One point of SCN was cancelled
2/n
2. This Audit came to this client because of 3 factors:
- Inward E-Way bills were reduced to almost Nil as the client Godown was in the same Godowns Area requiring no motor vehicle to transport goods from purchaser to their premises
- There was reversal of 1 crore + due..
3/n
- Inward E-Way bills were reduced to almost Nil as the client Godown was in the same Godowns Area requiring no motor vehicle to transport goods from purchaser to their premises
- There was reversal of 1 crore + due..
3/n
#ReadingSession - #Thread on "Report of the Task Force on an IT Strategy for PDS and an implementable solution for the direct transfer of subsidy for Food and Kerosene" - Oct 2011 aka #NandanPDSTaskForce which first mooted the idea of #PDSN. It is important to understand #ONORC
The report is here - dea.gov.in/sites/default/…
Before dwelling in - Note the title - Czar didn't like 'commitees' and hence called whatever he was part of, as - task force - Though no task was done!
Before dwelling in - Note the title - Czar didn't like 'commitees' and hence called whatever he was part of, as - task force - Though no task was done!
Members of committee - All ex-officio secretaries, except 2 from the illegal executive body UIDAI. This was basically done by "#Aadhaar lobby".
May 2020 - theprint.in/economy/modi-g… - Nandan funded media calling 'Anti Aadhaar lobby' in NAC stalled it in UPA era.
May 2020 - theprint.in/economy/modi-g… - Nandan funded media calling 'Anti Aadhaar lobby' in NAC stalled it in UPA era.
I heard a nice talk from the #AccountAggregator inauguration ceremony – important government officials stated that @RBI 's
Account Aggregator framework was #IncentiveAligned with citizens.
Account Aggregator framework was #IncentiveAligned with citizens.
I liked the term #IncentiveAligned. In the context of #AccountAggregators it meant that citizens wanted data privacy but also wanted their data present with the government to do something for them – their data empowering themselves.
This led to the concept of #DEPA or Data Empowerment and Protection Architecture – as an attempt to ensure that all #RegulatoryApplications and #IncentiveAligned with asks of citizens. Now, that is a great thing .....
Putting 12 stage roadmap to cashless economy presented in mid 2015 in #ThanjavurKalvettu
More, this one on #FASTag . In 2015, FASTag + EWB integration was 'imagined'. I will leave it to you on who is ruling the country.
As for their execution skills, we all no better now.
As for their execution skills, we all no better now.
This is awesome. VoterID linking with #Aadhaar was too imagined in the book
Repeat after me: #FASTag is an asset monitoring technology for the lenders (highway traffic measurement for infrastructure assets & vehicle control -- toll block / geo-fence -- for vehicle loans) masquerading as toll collection technology providing convenience.
Repeat after me: #BBPS is an investment lead generation technology for the lenders (consumption data of utilities for infrastructure for equity investments & family consumption/scoring for household finance) masquerading as bill collection technology providing convenience.
Repeat after me: #GSTN is a trade surveillance technology masquerading as simplified(!!) tax collection technology.
