GST Council is set to bring down the tax incidence on under-construction houses. One option is bringing the tax rate from 12% to 5% for all such projects but deny the ITC. Alternatively, the Council at its 32nd meeting on January 10 may also allow ITC to those builders who buy 80% or more of inputs from registered dealers, even with the reduced tax rate.

GST Council is set to bring down the tax incidence on under-construction houses. One option is bringing the tax rate from 12% to 5% for all such projects but deny the ITC. Alternatively, the Council at its 32nd meeting on January 10 may also allow ITC to those builders who buy 80% or more of inputs from registered dealers, even with the reduced tax rate.

Jewellery exporters have welcomed the government's decision to exempt 3 per cent of IGST on gold sourced from nominated agencies, effective January 1. The GST Council felt the need to exempt intra-state supply of gold by nominated agencies, in public interest under the scheme for ‘export against supply by nominated agency’.

Requirement of *bank account details has been removed at the time of GST Registration*. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field.

GSTR1 and GSTR3B *late Fee waived now on portal* from July, 17 to September, 18. Due date showing as 31/03/2019.

CBDT notifies DTAA between India-Hong Kong For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income vide Notification No. 89/2018 dated 21st December, 2018.

GST; No profiteering if base price of product not changed after Tax Reduction. Kerala State Screening Committee on Anti-profiteering Vs M/s. Asian Granito India Ltd. (National Anti-Profiteering Authority)