EFFECTIVE TAX RATE ON COMPLEX, BUILDING, FLAT ETC. 08 DEC 2018 It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. GST is applicable on sale of under const,ruction property or ready to move-in flats where completion certificate has not been issued at the time of sale. Effective rate of tax and credit available to the builders for payment of tax are summarized in the table for pre-GST and GST regime. Period Output Tax Rate Input Tax Credit details Effective Rate of Tax Pre- GST Service Tax: 4.5% VAT: 1% to 5% (composition scheme) Central Excise on most of the construction materials: 12.5% VAT: 12.5 to 14.5% Entry Tax: Yes No input tax credit (ITC) of VAT and Central Excise duty paid on inputs was available to the builder for payment of output tax, hence it got embedded in the value of properties....

Ministry of Housing & Urban Affairs 36th Central Sanctioning and Monitoring Committee (CSMC) Meeting of Pradhan Mantri Awas Yojana – Urban Sanctions a Total of 2,67,546 Houses from 10 States Madhya Pradesh gets 59,421 Houses, Gujarat-55,296, Maharashtra-52,935, Uttar Pradesh – 36,370, West Bengal – 26,604, Bihar – 15,924 24 JUL 2018 Ministry of Housing & Urban Affairs has approved the construction of 2,67,546 more affordable houses for the benefit of urban poor under Pradhan Mantri Awas Yojana (Urban). The approval was given in the 36thmeeting of the Central Sanctioning and Monitoring Committee in its meeting held here today. Madhya Pradesh has been sanctioned 59,421 houses while the sanction for Gujaratis 55,296 affordable houses.  The number of houses sanctioned for Maharashtra is 52,935, Uttar Pradesh 36,370 houses, West Bengal 26,604 houses and Bihar 15,924 houses.  Approvals given for Rajasthan stands at 8,600 houses while Chhattisgarh has been sanc...

Minimum Government - Maximum Governance: Prime Minister had given the mantra of 'Minimum Government, Maximum Governance'. Ministry of Personnel, Public Grievances & Pensions PM addresses Civil Servants on the occasion of Civil Services Day 15 awards presented under various categories Citizen is essential stakeholder of governance, says Dr Jitendra Singh The Prime Minister, Shri Narendra Modi, today addressed Civil Servants on the occasion of Civil Services Day. He said the occasion is one of Appreciation, Evaluation and Introspection. He described the Prime Minister’s Award as a step towards motivating civil servants, and congratulated the awardees. He said the awards also indicate the priorities of the Government. He said that the priority programmes such as Pradhan Mantri Fasal Bima Yojana, Deendayal Upadhyay Kaushalya Yojana, Pradhan Mantri Awas Yojana, and Digital Payments, for which awards have been given, are important programmes for New India. Speaking on the subject...

Cabinet approves the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme for the Middle Income Group under Pradhan Mantri Awas Yojana The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan MantriAwasYojana (Urban). To further enhance the scope, coverage and outreach of the Scheme, the Cabinet has approved the following: i. increasing the carpet area in the MIG I category of CLSS from the existing 90 square metre to "up to 120 square metre" and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to "up to 150 square metre"; and ii. making the above change effective from 01.01.2017 i.e. the date the CLSS for MIG had become effective. The CLSS for MIG is a pro-active step in meeting t...

Cabinet approves the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme for the Middle Income Group under Pradhan Mantri Awas Yojana The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan MantriAwasYojana (Urban). To further enhance the scope, coverage and outreach of the Scheme, the Cabinet has approved the following: i. increasing the carpet area in the MIG I category of CLSS from the existing 90 square metre to "up to 120 square metre" and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to "up to 150 square metre"; and ii. making the above change effective from 01.01.2017 i.e. the date the CLSS for MIG had become effective. The CLSS for MIG is a pro-active step in meeting t...