News of the Day- GST on under-construction flats, affordable housing slashed by 7%

GST on under-construction flats, affordable housing slashed by 7% – In a big relief to home buyers, the GST Council on February 24 slashed tax rates on under-construction housing properties to 5% without input tax credit, from the existing 12%, Finance Minister Arun Jaitley said. The Council also cut GST rates on affordable housing to 1% from the current 8% and expanded the scope of affordable housing to those costing up to 45 lakh and measuring 60 sq. metre in metros and 90 sq. metre in non-metro cities.

The new tax rates will come into effect from April 1, 2019.

Currently, the GST is levied at 12% on payments made for under-construction properties or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

However, builders will not be able to claim input tax credit (ITC) under the new GST rates.

“This (GST reduction) decision will certainly give boost to construction sector,” Mr. Jaitley told reporters.

However, Goods and Services Tax (GST) is not levied on real estate properties for which completion certificate has been issued at the time of sale.

With regard to lotteries, the GST Council, however, deferred its decision with Mr. Jaitley saying that the Group of Ministers (GoM) will meet again to discuss the proposal. Currently, state-run lotteries attract 12% GST, while state-authorised ones attract 28%.

Hijacking foiled on Bangladesh-Dubai flight, suspect killed

A flight bound for Dubai from Bangladesh’s capital, Dhaka, made an emergency landing Sunday in Chittagong, Bangladesh, after a man attempted to hijack the plane, officials said.

The suspect, a Bangladeshi, asked to speak to the country’s prime minister before dying from injuries in an exchange of gunfire with military commandos, officials said.

The flight, operated by state-run Biman Bangladesh Airlines, took off from Dhaka at 4-35 p.m. for the trip to Dubai via Chittagong.

The pilot made the emergency landing in Chittagong about 40 minutes later, after a crew member reported “suspicious behavior” by the man, said Rezaul Karim, an official with the Bangladeshi military’s inter-service public affairs office.

All 143 passengers and seven crew members aboard the Boeing 737-800 were safely evacuated, Air Vice Marshal Mofidur Rahman said at a news conference broadcast live on Somoy TV.

The commandos fired at the suspect after he shot at them when they asked him to surrender, army Maj. Gen. Motiur Rahman told reporters, according to ATN TV news. He said that the suspect was carrying a pistol, but did not say where the shooting took place.

The army official said the suspect, whose name has not been released, asked to speak to his wife and to Prime Minister Sheikh Hasina. The suspect died before reaching the hospital, he said.

The suspect appeared to be “mentally imbalanced,” said Air Vice Marshal M. Naim Hassan, chairman of the Civil Aviation Authority. “I am saying this because of his behavior. He wanted to talk to the prime minister.”

Before the suspect was pronounced dead, Rahman, had described him as a “terrorist” and said that he had been arrested and was being questioned.

Bangladeshi soldiers could be seen during the live TV broadcast taking positions inside Shah Amanat International Airport in Chittagong, 252 kilometers southeast of Dhaka.

Source – The Hindu

For a FREE DEMO call @ +91-88009-99280/84

Important Tags : Gktoday 2019 & Current affairs in Hindi & English / Today Current affairs / Daily Gk Update / Daily Current affairs / Today Current affairs in Hindi 2019 / Today GK updates /25 February 2019/ Banking Classes

shivam