GST Council Current Affairs - 2019
Category Wise PDF Compilations available at This Link
The winners of the Businessline Changemaker Award for 2019 are listed below:
- Changemaker Of The Year: Petitioners against Section 377.
- Changemaker Of The Year: GST Council.
- Iconic Changemaker: Bezwada Wilson (Safai Karmachari Andoloan).
- Social Transformation: The Kalinga Institute of Social Sciences.
- Digital Transformation: eNAM (Electronic National Agriculture Market).
- Young Changemaker: Anju Verma (promoting the education of underprivileged children).
- Young Changemaker: Kush and Arjun Pandey (developers of ScoutMe app for tapping football talent).
Businessline Changemaker Awards
Businessline Changemaker Awards were constituted in the year 2018 to mark the completion of 25 years by the Hindu Business Line. The awards seek to celebrate the Changemaker maker individuals, entities and organisations, who through their work, have contributed to materially improve the condition of society, economy and the planet.
The Awards honour the Changemakers who have impacted society in a very big and in a very positive way with their work which has helped enhance the quality of life and livelihoods and made the world a better place.
Tags: Anju Verma • Arjun Pandey • Bezwada Wilson • Businessline Changemaker Awards • Businessline Changemaker Awards 2019 • Digital Transformation • eNAM • Football • GST Council • Kalinga Institute of Social Sciences • Kush Pandey • Safai Karmachari Andoloan • ScoutMe app • Section 377 • Social Transformation
The GST council has decided to slash the tax rate on under-construction residential properties and the affordable housing projects category.
Decision of GST council
- The GST council has reduced the GST rate for under construction from the present 12 per cent to 5 per cent.
- The GST rate for affordable housing category is now 1 per cent compared to the present 8 per cent.
- The new rates will be applicable from April 2019.
- For both under construction and affordable housing category the builders would not be able to claim the input tax credit (ITC) which they used to get when the tax slabs of 8 per cent and 12 per cent were applicable.
- To ensure that the benefits of tax reduction are passed on to the consumers the government has created more conditions, especially for the affordable housing category.
- Houses under the affordable housing category.are divided into two categories metro and non-metro.
- In metro areas of Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad), Mumbai, Kolkata, Chennai, Hyderabad and Bangalore, the eligibility for affordable housing would be properties worth Rs 45 lakh and 60 sq metre carpet area and in non-metro cities it would be Rs 45 lakh and 90 sq metre.
- The law committee has been mandated to frame the transition rules for those already in construction.
- The government has created a safety net to ensure that the removal of input tax credit doesn’t drive the sector to the cash-based one, especially in black by mandating the builders selling houses under the normal and affordable category to procure a large percentage of their inputs from GST registered suppliers.
This decision of the GST council is expected to push demand and increase sales of under-construction properties. The new norms may even bring many more properties, even in the premium segment, into the affordable category.