#RealtyNewsRoundup: Lok Sabha Clears 4 GST Bills [Video]
The Lok Sabha on Monday cleared four Bills, setting the stage for 28 states to enact the Goods and Services Tax regime from July. The four bills include the Integrated GST, the Central GST, the Union Territory GST and the Compensation Bill. The GST Council will now decide on other subordinate rules of the new tax regime on March 31. A GST panel of officers will also suggest specific rates to be levied under the soon-to-be-rolled-out regime.
Work on the first project under the Pradhan Mantri Awas Yojana’s has begun in Uttar Pradesh capital Lucknow. Spread over an area of 10 acres, the project is coming up at the Kanpur Road, about five kilometre from the Chadhary Charan Singh International Airport. Under the project, about 2,500 flats will be constructed by 2020, and possession will be offered in the three subsequent years.
The Ministry of Urban Development has sought the intervention of the Prime Minister’s Office to resolve a standoff with the finance ministry over issuance of municipal bonds. The former has been asking for giving the bond a tax-free status, arguing that this would will help urban-local bodies save 1-1.5 per cent on interest costs.
The Central government will start work on a plan to build second airports at all cities, where the primary airports have saturated or reaching saturation. The government had in June last year announced a new aviation policy that aimed at improving regional connectivity across the country.