GST NEWS ON FUEL OIL AND REAL ESTATE: BEST GST SOFTWARE

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Now import on all oil drilling exempted now from GST, to give a boost in domestic exploration and oil production. Also govt now cut tax rate on bunker fuel like 12%  to directly on 5%. This give a boost in oil industry here are some of the key facts about this:
  • ALL oil and gas production and exploration shall attract 12% of GST.
  • Transportation of oil and gas shall attract 5% of GST without ITC or 12% with full credit.
  • Central govt reduced the excise duty on motor fuels.
  • State govt also reduced VAT on fuels.
  • Still the rate are high for diesel and petrol here but GST can have a good impact on this if this is fully functional in this oil field.
COUNCIL MEETING TO BRING REAL ESTATE UNDER GST:

In real estate maximum tax evasion takes place so as per our finance minister said that one sector have more tax evasion and also there are more cash generation is still out from GST and in next meeting on 9 November council meets for this. Govt want to include this sector also in GST as soon as possible.It is still not clear how much tax on real estate sector comes with GST. As there is 12% GST on construction of a complex, civil,building, intended to sale partly or fully. But land is still out of GST council meeting share all these issues to get a point to all that so that real estate also comes under GST.

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