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GST Council on Sunday may consider relief for housing sector (Lead)
New Delhi, Feb 20 (IANS) The GST Council, which met briefly through video-conference on Wednesday extended the deadline for filing of 3B returns by two days, will meet again on Sunday to take up issues related to the real estate sector.
“The GST Council has extended the deadline of 3B returns by two days and will take up the real estate issues on Sunday,” Finance Minister Arun Jaitley announced after Wednesday’s meeting. GSTR-3B is a monthly summary return.
At the Sunday meeting, the council may also consider reducing the goods and services tax GST) on cement to 18 per cent from 28 per cent to give a boost to the realty sector.
The Finance Ministers of some states had expressed reservations about holding a discussion on issues like residential properties tax rates and lotteries through video conference and demanded deferment of the meeting.
The council may also take up a report by the group of minister (GoM), headed by Gujarat Deputy Chief Minister Nitin Patel, which has favoured 3 per cent tax, down from 8 per cent, on the affordable housing category. The GoM has submitted its report to the GST Council.
According to sources, the government is mulling various measures to revive the housing sector and the Council may accept the 3 per cent tax proposal. The property market is also looking for GST intervention to come out of the slump it is facing for the past few years.
The Sunday meeting may also change the definition of affordable housing to accommodate more poor people under the 3 per cent tax rate. At present, affordable houses are defined as the one with up to 50 square metres carpet area. It could be increased to 80 square metres to include more people in the category.
Both developers and prospective homebuyers are expected to gain from the move.
During the interaction, Punjab Finance Minister Manpreet Badal pointed out that land is a state subject and it cannot be included in the GST, while the representative for Bihar said it was in agreement with the report. He also wanted a lower rate of 1 per cent on small businesses, operating from 10 per cent carpet area in residential areas.
The panel, set up to look into GST-related issues of the real estate sector, is also said to have recommended a 5 per cent tax for under-construction residential properties, down from 12 per cent. Under-construction houses also attract 6 per cent stamp duty on registration.
But claiming input tax credit (ITC) would no longer be possible on such transactions.
While premium housing attracts 12 per cent GST, affordable housing 8 per cent on payments made for under-construction properties, where completion certificate had not been issued at the time of sale.
No GST is charged on the property bought after the issue of completion certificate.
The Council is also likely take a call on tax rate for lottery. A ministerial panel set up to review tax rate on lottery favoured a uniform tax, but the GST Council will take a call on whether it will be 18 per cent or 28 per cent.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.