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IMPACT OF GST ON SELECT SECTORS – PART I

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 17-12-2015 - Goods and Service Tax (GST) will come, later than sooner. It will impact one and all -individuals, businesses, trade and industry. However, some sectors will be differently affected based on the nature of activities. Select sectors are being discussed here. Land, Real Estate, Renting Presently, Real estate transactions are taxed as levy of stamp duty. Renting / leasing transactions are covered under Service Tax. Howev .....

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e and states. In many other countries, construction and selling of houses is treated as a commodity and taxed to VAT (e.g., in Canada, New Zealand, South Africa, Australia etc.) To avoid disputes and have parity, it would be ideal if such transactions are not subjected to multiple taxation, are brought under the ambit of GST and made cenvatable so that businesses may benefit if such property is used for trade or commerce or furtherance thereof. It appears that stamp duty may not be subsumed in t .....

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redit allowed. Railways Indian Railways (IR) operates the railways in the country and is administered by Ministry of Railways. While IR has a separate budgetary allocation by way of Rail Budget, its operations are subject to certain direct / indirect tax provisions in terms of direct tax, excise duty, service tax, Swachh Bharat Cess (SBC) etc. IR operates through zones, divisions and most of public sector undertakings, besides various business models / projects under PPP/JVs. Major revenue sourc .....

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ed as input for the purpose of Cenvat Credit. Railway locos/coaches being used in-house (captive consumption) may be exempted from Excise Duty/GST. Present Chapter 86 of CETA, 1985 relating to Overhead electric wires and other related equipments may be covered under definition of Capital Goods for allowing Cenvat Credit. All projects being executed by Indian Railways through PPP/JV may be exempted from levy of proposed GST etc. to give a boost to Rail Infrastructure Development as well as to boo .....

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