GST Rate.
HIGHLIGHTS OF 33RD GST COUNCIL MEETING HELD ON 21.2.2019
Real estate sector, following recommendations were made
- GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment; GST shall be levied at effective GST of 1% without ITC on affordable housing properties.
- New rate shall become applicable from April 01, 2019.
- Definition of affordable housing shall be:- A residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having value upto Rs. 45 lacs (both for metropolitan and non-metropolitan cities). Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).
- GST exemption on TDR/ JDA, long term lease (premium), FSI: Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.
- GST exemption on TDR/ JDA, long term lease (premium), FSI: Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.
- Advantages of the recommendations made by the council will help the sector to overcome current difficulties faced by the sector.
- GST Council decided that the issue of tax rate on lottery needs further discussion in the GoM constituted in this regard.The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which alone shall have force of law.
Interim budget 2019- Modi government.
- Direct benefit transfer to small farmer.
- Those farmer who have less than 2 hectares of land they will get 6000 per annum.
- Starting from 1st December 2018.
- For this the government gets a extra burden of 75,000 crore.
- Enough to win election.
Interim budget 2019.
- Record breaking collection.
- In the January 2019 the GST COLLECTION is 1,03,000 crores.
- After DEMONETIZATION 1 CRORE ITR FILED.
Interim budget 2019.
- Record breaking collection.
- In the January 2019 the GST COLLECTION is 1,03,000 crores.
- After DEMONETIZATION 1 CRORE ITR FILED.
- Great benefits to all at least for salaried/ pensioners person that will be great.
- Direct tax slab now change for individual.
- Now the limit of 5,00,000 came which means no tax upto this amount.
- Within 2 years, Tax assessment will be done electronically.
- IT returns processing in just 24 hours.
- Minimum 14% revenue of GST to states by Central Govt.
- Custom duty has abolished from 36 Capital Goods.
- Recommendations to GST council for reducing GST rates for home buyers.
- Full Tax rebate upto 5 lakh annual income after all deductions.
- Standard deduction has increase from 40000 to 50000.
- Exempt on tax on second self-occupied house.
- Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000.
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB has increased to one more year i.e. 2020.
- Benefit has given to unsold inventory has increased to one year to two years.Other Areas.
- State share has increased to 42%.
- PCA restriction has abolished from 3 major banks.
- 2 lakhs seats will increase for the reservation of 10%.
- 60000 crores for manrega.
- 1.7 Lakh crore to ensure food for all.
- 22nd AIIMS has to be opened in Haryana.
- Approval has to be given to PM Kisan Yojana.
- Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments.
- National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission.
- 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs.
- Bonus will be applicable for workers earning 21000 monthly.
- The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
- Our government delivered 6 crores free LPG connections under Ujjawala scheme.
- 2% interest relief for MSME GST registered person.
- 26 weeks of Maternity Leaves to empower the women.
- More than 3 Lakhs crores for defence.
- One lakh digital villages in next 5 years.
- Single window for approval of India film makers.
