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Useful Updates on GST:

[ Contribution by : CA. Bimal Jain ]

i)  Delegation of certain formalities to another entity would not disentitle developer from the deductions under IT Act

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ii) No penalty leviable unless the conduct of the assessee is found to be contumacious

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iii) Professional and consultancy charges incurred during acquisition of companies cannot be treated as revenue expenses

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iv) Charitable Society providing hostel facilities to staff and students is integral part of ‘Educational Activities’, exemption allowed

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v) GST payable at the time of transfer of possession/ rights in the building to the person supplying development rights

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vi) One-to-one correlation between output service and input service not required for for claiming refund

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