Hyderabad Current Affairs - 2019

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GST council reduces Tax rates on Housing

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.

Month: Categories: Business, Economy & Banking

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Investigation Tracking System for Sexual Offences (ITSSO) and Safe City Implementation Monitoring Portal launched

The Union Home Minister Rajnath Singh and Minister for Women and Child Development, Smt. Maneka Sanjay Gandhi launched the Investigation Tracking System for Sexual Offences (ITSSO) and Safe City Implementation Monitoring Portal as part of the women safety initiatives.

Investigation Tracking System for Sexual Offences (ITSSO)

The Investigation Tracking System for Sexual Offences (ITSSO) is an online module available to law enforcement agencies at all levels, national, state, district and police station.

It allows the state to undertake real-time monitoring and management of cases of rape to be able to complete the investigation in two months.

ITSSO leverages the existing Crime and Criminal Tracking Network & Systems which is a nationwide network enabling sharing of information between Police Stations, State officers and security agencies.

ITSSO will aid in the effective implementation of the Criminal Law Amendment Act, 2018 mandates completion of investigation and trials in rape cases within two months.

Safe City Implementation Monitoring Portal

The government had brought in the Safe City Implementation Monitoring Portal to monitor the safe city project introduced in the eight cities which are: Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Lucknow and Mumbai. The portal will aid in online tracking of deployment of assets and infrastructure.

The safe city project funded through the Nirbhaya Fund is a joint endeavour of city’s police and municipal bodies, The project involves identifying crime hotspots and saturating them with CCTV cameras, drone-based surveillance and deployment of automated number plate reading (ANPR) equipment through an integrated smart control room.

Month: Categories: NationalUPSC

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