#RealtyNewsRoundup: Builders Get Time Till May 10 To Make Choice On GST Rate

Real estate developers who want to continue paying the Goods and Services Tax (GST) at old rates to enjoy input tax credit have been given time till May 10 to inform their respective jurisdictional officers. In case they fail to do so, they would be understood to have opted for new rates. The GST council has given realtors the option to stick to old rates (eight per cent GST on affordable housing along with ITC) or new rates (one per cent GST without ITC).

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Private lender ICICI Bank has reduced its marginal cost of funding-based lending rates by five basis points across tenors. After the reduction, the bank would charge 8.75 per cent interest on one-year tenure. The new rates come into effect from April 1.

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The Centre has told the National Green Tribunal that action plan for 37 railway stations which are to be developed as eco-smart stations will be implemented in three months. The green panel had earlier said there was an urgent need for the railways to put in place an effective mechanism with provisions of fixing accountability of individuals in respect of solid waste disposal, littering of solid and plastic wastes, defecation, etc.

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The Supreme Court on April 2 asked the Centre and the parties that have challenged the validity of various provisions of the Land Acquisition Act to consensually frame the questions of law to be answered by a five-judge Constitution Bench. On March 6 last year, the apex court had said a larger Bench would test the correctness of two separate verdicts related to land acquisition, delivered by two of its Benches of similar strength, which had snowballed into a major controversy.

Source: Media reports