sreekumar
28 May 2019 at 11:20
Our supplier issued credit note (taxable value 50,00,000 + IGST 9,00,000 total 59,00,000) which was uploaded to GSTR2A and reported in the monthly returns of May 2018 in which he has reduced output tax liability.The credit issued is on account of annual turnover discount we are eligible.
We accounted the same credit note in the month of April 2019 (23-04-2019), and reversed the ITC credit which will reflect the monthly returns for April 2019.
Now the department is asking interest @ 24% for the delayed period, i.e, 20-06-2018 to 23-04-2019, quoting Sec.50(3) and 42(10) of CGST act, 2017.
My question is, is this demand is correct? if yes, can the interest paid is eligible for refund under Sec.42(9) of the same act.
An early opinion will be highly appreciated.
Thanks in advance.
GRISHMA
23 May 2019 at 20:25
Sr. No. Points Solution / Remarks
Facts of the case
1 In a building there are three Joint landlord (co-owner) having eight tenants
2 Out of three owner of building – two are also tenant in the same building
3 All the tenants agreed for certain conditions for redevelopment.
So landlords want to redevelop the Building consisting of 15 flats, out of which 7 are saleable and balance 8 will be given to the tenants.
4 IOD received in the name of Devraj & others ( Devraj in one of the three landlord)
4 Purchased cost of building is Rs. 12L
5 At present market value of building is 100L
6 Tenant will get exemption U/S. 54F for receiving new flat against surrendering tenant-ship rights.
Issues
1.a Now which situation is better for tax saving (LTCG, GST & normal income tax on business of development)
1.b What would be the implication for redevelopment project for following options:-
 Open a Partnership firm and transfer land rights by landlord to firm and develop building under firm.
Issue
a) JDA has to be prepared & Stamp duty cost @ 6% on market value of Land + GST @ 12% / 5% on JDA
b) Also, which sub option would be better for JDA:-
a. Revenue Sharing
b. Area Sharing
 If, Self-development by land lords ( preferred by me to go )
We can save Stamp duty +GST (on JDA as mentioned in pt. (i)).
However, in current scenario there are three landlords, then how to get GST registration? Since, GST is PAN base and also how to distribute cost of project? (Also note 80% cost are from GST registered dealer)
Since we can get RERA registration by clause of co-owner, so there won’t be any issue for RERA.
 What would be the scenario if development done by AOP /BOI status?
a. Also what points to be taken care for, for preparing AOP/BOI Agreement within co – landlords, for such situation?
b. L/B property has to transfer to AOP or not ?
c. Also check while transferring property (if needed as per law) __ Stamp duty + GST applicable or not?
 If Self developed and claim by all three as LTCG of full consideration received by sale of flat:-
• When flat sale under construction and payment received as per slab of work , time of capital gain tax payment ? (what documents has to prepare for LTCG levied on the date of possession or OC) & case law to support your view.
• Can we put clause for LTCG liable after OC received?
• What documents prepared , so ITO never treat this planning to AOP (supported case law)
• Of three land lord _2 opt option for LTCG tax as investor but one convert his share of land to stock in work tax = LTCG+ business any issue on same?
• What care should take on RERA
• Three individual GST number will obtain
• Also open one common joint a/c for common expenses
• Project is one , so any mutual agreement required for sharing of Area in new building
• While RERA registration can we put three draft sale agreements for each co-owner?
• When property sale on initial period, the time of taxability of long term capital gain? Also what clause has to put in the Agreement , to defer tax liability at the time of possession or OC
• Accounting entry for cost of construction for LTCG
 Or any other best issue for tax planning considering LTCG, Income tax, GST & RERA?
Note : Answer the above issue with supporting case law available
santosh
14 May 2019 at 14:21
Pls. inform me last date of claiming itc for F.Y. 2017-2018 & F.Y.-2018-19 . If I file Late i.e after 20.04.2019. of March'2019 Return then can I Claim ITC of F.Y.-2017-18 or not ?
Thanks & Regards
Santosh Sharma
santosh
12 May 2019 at 15:16
Sir I want to Know that should a registered mobile retail shop keeper will have to claim the ITC shown in GSTR-2A in his GSTR-3B. relating to Mobile Recharge voucher & Bajaj Finance. Since mobile Shop Keeper have not purchased any thing from Bajaj Finance he has just sold mobile to customer through Bajaj Finance and got Tax Invoice from Bajaj Finance in which written as "Subvention Income" & GST levied on Taxable Amount. In Case of Mobile Recharge when he getting recharge Balance say of Rs. 100/-, he has to pay Rs. 97/-, Rs. 3/- is his income which he has to less pay to Company. Thereafter when he recharge to Customer, he receives Rs. 100/-. The recharge Co. & Bajaj Finance reflected this transaction GSTR-2A and ITC their on. Now my question is will I have to Claim these ITC shown in GSTR-2A? If Yes, how I will treat These ITC in my GST Return ?. Will I have to add Recharge Amount with Gross Turnover with Mobile Sale ? If Yes, then In Income Tax I have to Calculate Profit U/s 44AD @ 8% of Gross sale which will be not justified. Thereafter I have to also show Purchase & Sale of Recharge Voucher with same Amount & have to declare Profit @8% which will be unjustified. I have to also show sale Recharge in GSTR-1. Sir please Resolve my Query.
Thanks & Regards
santosh sharma
krishna prasad
07 May 2019 at 03:15
I get offers for buying my house .One person interested says he will pay stamp duty and regn charges on higher of guideline value or fair market value and will give balance by bank demand draft for Rs 25 lacs .By this he wants to save stamp duty to the extent of 2 lacs. But my fear is I have to account and pay huge Income tax on this 25 lacs on the applicable rates of my income . Both guide value and the fair market values are far less than the sale consideration.. I dont want to receive any cash of larger value say 3 lacs .
Please confirm if my fear of having to pay income tax" as on income from other sources " is genuine ..
Please advise in detail.
kulwant singh
09 April 2019 at 18:06
Dear Sirs,
I Kulwant Singh have recently sold a shop for 70Lakh which has resulted in long term capital gain of 30 Lakhs. I would request you to guide me on the fact that if I can save capital gains investing in another shop or it can only be saved by investing in residential property. For your information I already own one residential flat in my name. Can the capital gains can still be saved by investing in residential property.
I would appreciate your help to resolve my issue.
Thanking you in advance
Thanks & Brgds
Kulwant Singh
Sandeep Tiwari
05 April 2019 at 19:36
My Client Given Meals to In-Patient at Govt Hospital. Type of Meals advice by Doctors and no meals provide to relative of Patient or doctors. Is a Taxable Service or not
anjulee
04 April 2019 at 15:42
Please help me how can I use Notional Tax. I have used actual ITC but Notional ITC I carried forward by showing Notional ITC in the Return. Is there any time limit to use this Notional ITC. ETO has issued order after deducted Notional ITC by saying that it can not carry forward. Is it right ?
UPENNDER SINGH
31 March 2019 at 17:49
Dear Sir/Madam,
I do intraday trading of equity shares. no other instruments like F&O or commodity etc. there was Rs.5000/- in my trading account on 1st- april-2018 and I began trading and had been trading with the money for entire year and on today 31- march-2019 I still have Rs.6,108/- in my trading a/c. In this period ( 1st April- 2018 to 31 March- 2019). whatever profits I have earned turned into ;losses. in the meanwhile, I have never withdraw any money from my trading a/c..
Well in this scenario will I have to pay any tax & how much?
or will I have to fill a return too??
please answer to my questions.
Regards...
Thanking you
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