#RealtyNewsRoundup: GST On Work Deals Reduced To 12% For Affordable Housing

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The Central government has reduced the goods and services tax (GST) rate on work contracts for affordable housing to 12 per cent from 18 per cent fixed earlier. However, it is unlikely to have any impact on prices of affordable housing. In a notification, the government said the GST on composite supply of work contracts for affordable housing spread in an carpet area of 60 sq metre would be 12 per cent only.

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Nineteen buildings affected by the Mumbai Metro-III corridor in Girgaum and Kalbadevi will be redeveloped under the policy for old and dilapidated buildings. The estimated cost of redevelopment of the structures is Rs 700 crore. Densely populated Girgaum and Kalbadevi will have two Metro stations, lying 700-800 metres apart.

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The insolvency resolution professional handling the Jaypee case has clarified that it would obtain the records of the company and verify it with homebuyers, even if they have failed to fill the form so far. The move came after an advisory was issued by the Insolvency and Bankruptcy Board of India (IBBI) to the IRP.

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The Income-Tax Appellate tribunal (ITAT) has rejected the tax department's view that a villa in Dubai gifted to Bollywood actor Shah Rukh Khan a decade ago was a camouflage to evade income tax. The tribunal has held that the value of the villa cannot be treated as the actor's taxable income. The villa had been gifted to Khan under a formal gift deed in 2007.

Source: Media reports