On Thursday, 4th May – 2017 Gujarat Government notifies RERA rules which are third and final set of rules. This rules are mandatory to be notified by each state and union territories as per The Real Estate (Regulation and Development) Act, 2016 (RERA). Said comes in to force with effect from 1st May – 2017.
Rules also made clear that it is applicable to all ongoing projects which have not received completion certificate as on 1st May – 2017. Continue reading “Gujarat notifies RERA Rules”
Electricity is the heart of growth of economy, it is critical for better development and sustained growth of the country. Constitutionally the proposed GST bill allows the levy of GST on all goods, other than those specified. Electricity is not amongst those goods, which are specifically excluded. Lets discuss today impact of GST on Power Sector.
Indian power sector is divided in 2 Major types:
- Renewable Power – Solar, Wind, SHP, BG, BP, U&I
- Non – Renewable Power – Coal, Gas and Oil
Lets look at the statistics of power industry:
|Sector||MW||% of Total
|Fuel||MW||% of Total
|RES (Renewable Energy Sources)||50,018||15.6%
Continue reading “Impact of GST on Power Sector”
Finance minister Arun Jaitley presented the Union Budget 2017-18 in the Lok Sabha today. Here are the highlights of the Union Budget. Terming the Union Budget “futuristic”, Prime Minister Narendra Modi said it will usher in a new beginning to fulfil the dreams of every section. “This is a Budget for the future — for farmers, underprivileged, transparency, urban rejuvenation, rural development and enterprise,” Modi said in a televised message about the Budget proposals. Continue reading “Budget 2017-18 : Hidden Facts and Analysis”
As per GST Law every registered person shall have to issue invoice for supply of goods or services to the recipient. As per Rule (1) of the Draft Invoice Rules under GST Law invoice shall contain specified details. First lets have a look when invoice needs to be issued.
When to issue invoice?
A registered person supplied goods shall invoice before or at the time of
- Removal of goods where supply involves movement of goods
- delivery of goods or making available thereof to the recipient in other case.
Continue reading “Draft Invoice Rules under GST Law”
In the model GST law government has given various provisions regarding migration of existing tax credit like CENVAT, VAT ITC, Service Tax Credit etc. Transition provision dealers to transfer credit as per CENVAT Credit rules, VAT ITC as per state rules to GST era. Let through some light on transition provisions in GST. Continue reading “Transition Provisions in GST”