New Delhi Latest News

Members in Lokpal appointed

As many as nine Judicial and Administrative Members have been appointed to the Lokpal. They include: Justice Dilip B Bhosale,  Justice Pradip Kumar Mohanty, Mrs. Justice Abhilasha Kumari, Justice Ajay Kumar Tripathi. Besides,  members other than Judicial  members: Former IAS Dinesh Kumar Jain, Former IPS Mrs Archna Ramasundaram, Mahender Singh and Dr Indrajeet Prasad Gautam.

Punjab: Patiala Police seized demonetised Indian currency notes with the face value of Rs 1 Crore and Rs 1.5 Lakh cash from a vehicle during vehicle checking yesterday.

Punjab: Patiala Police seized demonetised Indian currency notes with the face value of Rs 1 Crore and Rs 1.5 Lakh cash from a vehicle during vehicle checking yesterday. A pistol and bullets also recovered. Three people were arrested. Investigation is underway.

Gold & Silver Price: Gold Price rises

Gold prices bounced back by Rs 140 to Rs 32,970 per 10 gram at the bullion market. Globally, gold rose 0.31% to USD 1,308.30 an ounce and silver by 0.29%to USD 15.47 an ounce in New York.

In New Delhi, gold of 99.9% and 99.5% purity rebounded by Rs 140 each to Rs 32,970 and Rs 32,800 per 10 gram, respectively. It had lost Rs 540 in the past two days. Sovereign, however, remained flat at Rs 26,400 per piece of eight grams.

Silver ready also moved up by Rs 235 to Rs 38,960 per kg and weekly-based delivery by Rs 166 to Rs 38,031 per kg. Silver coins, however, continued to be traded at the previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Google Maps Just added this Feature You Always Wanted

Google Maps Just added this Feature You Always Wanted

Google has rolled out a new feature that allows users to identify and mark speed limit and speed cameras on the Google Maps. The features was recently introduced overseas in markets like the US, UK, Australia, Russia, Brazil Mexico, Canada and Indonesia, before making its way to India earlier this year.

As posted on Reddit, there is a new icon with message icon with a plus sign in the middle. Tapping on that you will get two options – Crash and Speed trap. Gadgets Now can verify the presence of this feature in the latest version of the Android app of Google Maps app (v 10.11.1) but not there for the iOS app (v 5.12).

The Maps application now allows users to report speed cameras wherever they encounter them.Once a speed camera is reported the maps show an icon on the map which will be visible to other users on the same route. The notification for the speed camera is shown in blue along with the number of people who have reported the speed camera. This feature is useful to warn commuters of speed cameras so they can avoid fines for speeding.

Dailyhunt

Ministry of Finance:. Decisions taken by the GST Council in the 34thmeeting held on 19thMarch, 2019 regarding GST rate on real estate sector

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. The council decided the modalities of the transition as follows.

Option in respect of ongoing projects:

2. The promoters shall be given a one -time option to continue to pay tax at the old rates (effective rate of 8% or 12% with ITC) on ongoing projects (buildings where construction and actual booking have both started before 01.04.2019) which have not been completed by 31.03.2019.

3. The option shall be exercised once within a prescribed time frame and where the option is not exercised within the prescribed time limit, new rates shall apply.

New tax rates:

4. The new tax rates which shall be applicable to new projects or ongoing projects which have exercised the above option to pay tax in the new regime are as follows.

(i) New rate of 1% without input tax credit (ITC) on construction of affordable houses shall be available for,

(a) all houses which meet the definition of affordable houses as decided by GSTC (area 60 sqm in non- metros / 90 sqm in metros and value upto RS. 45 lakhs), and

(b) affordable houses being constructed in ongoing projects under the existing central and state housing schemes presently eligible for concessional rate of 8% GST (after 1/3rd land abatement).

(ii) New rate of 5% without input tax creditshall be applicable on construction of,-

all houses other than affordable houses in ongoing projects whether booked prior to or after 01.04.2019. In case of houses booked prior to 01.04.2019, new rate shall be available on instalments payable on or after 01.04.2019.
all houses other than affordable houses in new projects.
commercial apartments such as shops, offices etc. in a residential real estate project (RREP) in which the carpet area of commercial apartments is not more than 15% of total carpet area of all apartments.
Conditions for the new tax rates:

5. The new tax rates of 1% (on construction of affordable) and 5% (on other than affordable houses) shall be available subject to following conditions,-

Input tax credit shall not be available,
80% of inputs and input services (other than capital goods, TDR/ JDA, FSI, long term lease (premiums)) shall be purchased from registered persons. On shortfall of purchases from 80%, tax shall be paid by the builder @ 18% on RCM basis. However, Tax on cement purchased from unregistered person shall be paid @ 28% under RCM, and on capital goods under RCM at applicable rates.
Transition for ongoing projects opting for the new tax rate:

6.1 Ongoing projects (buildings where construction and booking both had started before 01.04.2019) and have not been completed by 31.03.2019 opting for new tax rates shall transition the ITC as per the prescribed method.

6.2 The transition formula approved by the GST Council, for residential projects (refer to para 4(ii)) extrapolates ITC taken for percentage completion of construction as on 01.04.2019 to arrive at ITC for the entire project. Then based on percentage booking of flats and percentage invoicing, ITC eligibility is determined. Thus, transition would thus be on pro-rata basis based on a simple formula such that credit in proportion to booking of the flat and invoicing done for the booked flat is available subject to a few safeguards.

6.3 For a mixed project transition shall also allow ITC on pro-rata basis in proportion to carpet area of the commercial portion in the ongoing projects (on which tax will be payable @ 12% with ITC even after 1.4.2019) to the total carpet area of the project.

Treatment of TDR/ FSI and Long term lease for projects commencing after 01.04.2019

7. The following treatment shall apply to TDR/ FSI and Long term lease for projects commencing after 01.04.2019.

7.1 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 on them. Exemption of TDR, FSI, long term lease (premium) shall be withdrawn in case of flats sold after issue of completion certificate, but such withdrawal shall be limited to 1% of value in case of affordable houses and 5% of value in case of other than affordable houses. This will achieve a fair degree of taxation parity between under construction and ready to move property.

7.2 The liability to pay tax on TDR, FSI, long term lease (premium) shall be shifted from land owner to builder underthe reverse charge mechanism (RCM).

7.3 The date on which builder shall be liable to pay tax on TDR, FSI, long term lease (premium) of land under RCM in respect of flats sold after completion certificate is being shifted to date of issue of completion certificate.

7.4 The liability of builder to pay tax on construction of houses given to land owner in a JDA is also being shifted to the date of completion. Decisions from para 7.1 to 7.4 are expected to address the problem of cash flow in the sector.

Amendment to ITC rules:

8. ITC rules shall be amended to bring greater clarity on monthly and final determination of ITC and reversal thereof in real estate projects. The change would clearly provide procedure for availing input tax credit in relation to commercial units as such units would continue to be eligible for input tax credit in a mixed project.

9. 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.

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