Indirect taxation of Real Estate wholly revamped under the rules and regulations of the GST Act. Buyers have been hugely benefitted with the coming of GST in the picture.
GST is known to be the largest tax reforms in our nation. It was established by the government with an initiative to encourage foreign investments in India and make it easy to do business in India. Under the rules and regulations of GST, a company whose annual turnover is more than 40 lakhs is registered as a normal taxpayer. For some business like e-commerce, foreign supplier, casual dealer, export-import, market place aggregator, it is compulsory to get GST registration irrespective to their annual turnover.
It is considered as a legal offense if a person carries out his business of supplying goods and services without having a GST registration. In such cases, they have to face high penalties under the rules and regulations of the GST Act.
For GST registration online, you can take the help of best GST Registration Consultants of Enterslice.
Enterslice is known to be the most reliable GST registration service provider in India. According to our working schedule, we will complete your GST registration online process within 3 to 6 working days. Here is the process you need to follow for your GST registration online:
As we know Real Estate is one of the most predominant pillars of the economy in India. Real Estate industry’s contribution towards the GDP of India lies between 6-8% and stands at the second position in generating career opportunities in India after the renowned IT industry.
Indirect taxation of Real Estate wholly revamped under the rules and regulations of the GST Act. Buyers have been hugely benefitted with the coming of GST in the picture. Earlier buyers had to pay a lot of taxes in the form of Service Tax, VAT, Stamps duty, Registration charges. Other than that charges of the property varied from state to state. But now it has changed all over now buyers have to pay only 12% of the single tax rate on the properties that are under construction.
GST had been proved beneficial for developers too. It has been very helpful in reducing the construction cost. Due to the availability of input tax credits under GST, multiple taxes have been subsumed. Other than that you can consider the reduction of logistics cost as an add-on benefit of GST on the developers of real estate business.
Overall, GST has a good impact on the Indian economy. GST registration has various benefits including relief from the Double Taxation System, lower tax rates, easy return filing, less compliance cost and many more. For more details regarding GST registration online, you can contact us via mail or can use our online chat facility on our website www.enterslice.com.