#RealtyNewsRoundup: GST on Under-Construction Properties May Be Lowered

The Goods and Services Tax (GST) Council might lower the tax rate for under-construction properties, Finance Minister Piyush Goyal told media. Currently, the tax rate is 12 per cent. A ministerial panel, which was formed earlier to look into the matter, has suggested lowering the rate for the sector in its recommendations. The Council might also bring down the effective GST rate on affordable properties to three per cent from the current eight per cent.

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The 9.63 km-long Dilshad Garden-New Bus Adda section of the Red Line, that would mark the Delhi Metro's foray into interiors of Ghaziabad, was set to be inaugurated "very soon", authorities said on February 14. This elevated section with eight stations will immensely benefit the people of Ghaziabad and connect the satellite city with the national capital.

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The Supreme Court on February 14 grilled Amrapali Group Chairman and Managing Director Anil Kumar Sharma for keeping Rs 94 crore of homebuyers' money in his bank account. The top court also warned him that he would be sent to jail for his reluctance in disclosing the identity of the person, who had bought company's shares worth Rs 140 crore from the multi-national firm JP Morgan.

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The Enforcement Directorate on February 14 attached properties worth Rs 904 crore in connection with DSK Group money laundering case. Chairman and Managing Director of the group Deepak Kulkarni, his wife Hemanti and son Shirish are accused of cheating 35,000 depositors and investors of Rs 1,129 crore.

Source: Media reports