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Explained: What GST rate cut for real estate mean for home buyers

Currently, GST is levied at 12 per cent on payments made for under-construction property. The reconvened meeting of the 33rd Goods and Services Tax (GST) Council on Sunday lowered GST rate for under-construction housing to 5 per cent (without input tax credit) from present effective rate of 12 per cent (after one-third abatement of land).…

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Relief for home buyers as GST Council announces rate cut for real estate – The Indian Express

Union Finance Minister Arun Jaitley chaired the GST Council meeting on Sunday. (Twitter/@arunjaitley) The 33rd reconvened meeting of the Goods and Services Tax (GST) Council on Sunday lowered the tax rate for under-construction housing to five per cent (without input tax credit) from the present effective rate of 12 per cent (after one-third abatement of…

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GST Council meeting tomorrow, rate cut on real estate expected – Livemint

After having deferred a decision to rationalise GST rates on housing properties and lotteries in its last meeting through video-conferencing on Wednesday, the GST Council is expected to make an announcement tomorrow. On Wednesday, several non-BJP states had disagreed to make a decision on the issue without being physically present in the meeting. As a…

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Jaypee Infra promoter Jaiprakash Associates makes second attempt to settle lenders’ dues

MUMBAI: Jaiprakash Associates, promoter of stressed realty developer Jaypee Infratech, has once again submitted a proposal to lenders of its subsidiary to settle dues. The latest offer comes in the wake of two separate bids made by state-run construction company NBCC and Suraksha Asset Reconstruction Company.In a meeting held on Monday, both the bidders made…

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Individual Insolvency Code may soon be a reality

MUMBAI: Failure to repay home loans might drag future defaulters to dedicated bankruptcy courts as New Delhi is seeking to put in place a broad framework on individual insolvency two years after it revamped such laws for stressed companies.Three sets of entities will fall under the individual insolvency code. They would include the personal guarantor…

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