GST Council in the 34th meeting held on 19th March, 2019 at New Delhi recommended that the supply of TDR, FSI, long term lease (premium) of land by a landowner to a developer shall be exempted subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid […]
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. To give effects to the recommendations of the Council, Central Government has issued […]
Section 80-IBA Detailed Analysis – Affordable Housing Project 1. Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class. The incentives given by […]
[ As Updated till Companies (Acceptance of Deposits) Amendment Rules, 2019] A] Brief Information : Chapter V of the Companies Act, 2013 covering Section 73 to Section 76A deals with the Acceptance of Deposits by Companies. Section 73(1) of the Companies Act, 2013 prohibits every company other than Banking Company & NBFC to accept deposits […]
1. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment. 2. GST shall be levied at effective GST of 1% without ITC on affordable housing properties. 3. The new rate shall become applicable from 1st of April, 2019. 4. A residential house/flat of carpet area of […]
Mandatory Return of Payment due to Micro & Small Enterprises [ As notified by MCA vide Notification No. 368(E) dated 22/Jan/2019 ] Ministry of Corporate Affairs has issued Notification directing all companies whose payments to micro & small enterprise ( as defined by MSMED Act, 2006 ) suppliers exceed forty five days from the date […]
Specified Reverse Charge Under GST (As Updated Till 31-Jan-2019 )- Under Reverse charge mechanism recipient of the goods and/or services is liable to pay GST instead of the supplier. As per the provisions of section 9(3) of CGST / SGST (UTGST) Act, 2017 / section 5(3)of IGST Act, 2017, the Government may, on the recommendations […]
