Rental income beyond Rs 20 lakh to attract GST

Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy.

Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh.

"Rental income received from the residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent," Adhia said at the GST Master Class.

The taxpayer earning more than the exempted threshold will have to register with the GST Network and pay taxes.

GSTN Chief Executive Prakash Kumar said that as many as 69.32 lakh registered excise, service tax and VAT payers have migrated to the GSTN portal. There are over 80 lakh such assessees in the earlier indirect taxation regime.

Out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certificate is being issued to them.

The remaining 30.8 lakh taxpayers are being sent SMS and emails by GSTN so that they complete the registration process by giving the details of the business like main place of business, additional place of business, promoters details.

Besides, over 4.5 lakh new assessees have registered on the GSTN portal since June 25.

Adhia further said that the facility to amend the details of businesses provided to the GSTN portal at the time of registration will open on July 17. Also, registration for GST practioners will open on the same day.

Source: The Times of India, Delhi/NCR

Sick PSUs’ land to be used for low-cost housing

In a fillip to its flagship Housing-For-All programme, the Modi government has identified vast tracts of land in eight cities belonging to sick public sector undertakings (PSUs) to be monetised or leased for low cost houses for the poor. These cities include Gurgaon, Hyderabad, Pune and Ranchi.
Working on PMO directives, the ministry of housing and urban affairs has finalised a public private partnership model to provide affordable housing. A beginning would be made with land owned by HMT Bearings (Hyderabad 14.48 acre), Hindustan Antibiotics (Pune 62 acre), Heavy EngineeringCorporation (Ranchi 60 acre) and Indian Drugs and Pharmaceuticals (Gurgaon 10-15 acre).
“The biggest problem that the programme has been facing is the paucity of land. In many states, the beneficiaries have been identified but land remains an issue,” said a senior official.
A four-member committee constituted in May has finalised a working model. Land will be identified and then the PSU would either sell it or lease it out to a private partner, who would build low cost houses.
Private developers would be able to bid for the project and would be required to design the product mix and construct all the dwelling units. The committee has favored a cross-subsidy model for the private developer.
This would mean that the private developer would be given either a tract of land in another part of the city where it would be allowed to build high-end flats and sell them at a premium with a pre-condition of building low-cost housing in the identified PSU land.
Sources indicated that the two types of houses – low cost and high-end – could also be built on the same tract of land depending on the size.
Entire project cost inclusive of construction cost, taxes, and statutory levies would be borne by the developer. Infrastructure facilities and open spaces to be mandatorily provided have been identified. The developer would maintain the houses till they are allocated.
Sources said the National Buildings Construction Corporation (NBCC) has been tasked with identification of sick PSU land and framing a model memorandum of understanding and other contracts.
State governments would facilitate affordable housing projects through single window clearances and fast track approvals, waivers and reductions wherever possible.

Source- ETRealty

10 lakh houses to be constructed for the homeless in UP by 2019: Yogi

Charging the previous government of insensitivity towards the homeless, Uttar Pradesh Chief Minister Yogi Adityanath said today that ten lakh houses will be constructed in the state by 2019 for them.

"Prime Minister Narendra Modi had promised homes to the homeless but due to the insensitivity of the previous government the people of the state could not benefit from the scheme," Adityanath said at a programme to distribute letters to 568 beneficiaries of Pradhan Mantri Avas Yojna here.

The BJP government has decided to provide houses to ten lakh people till 2019 and 57,000 homeless people in Gorakhpur division will be provided a roof over their head this year,' he said.

Warning middlemen in the implementation of MNREGA, the chief minister said that beneficiaries can get work for 90 days and stern action will be taken in case of complaints in this regard.

Earlier, Adityanath met the family of martyr Saheb Shukla who lost his life in Kashmir valley last month at their native Kaniel village and handed over a cheque of Rs five lakh to them.

Inaugurating the 'school chalo abhiyan' in the primary school of the village, he also distributed school dresses and bags.

Source- ETRealty

Former chief secretary Rahul Bhatnagar is new head of GNIDA

GREATER NOIDA: Rahul Bhatnagar, former chief secretary of Uttar Pradesh, took charge as chairperson of the Greater Noida Industrial Development Authority (GNIDA) on Thursday. He said his focus would be on understanding the area in totality and to make a strategy for its holistic development.

When asked about his priorities, Bhatnagar said that though it was too early for him to comment, his emphasis would be on devising a transparent working environment. “I need to understand the problems and issues related to Greater Noida in detail before I work out my priorities. However, having viewed a presentation by a team of GNIDA officials, I believe the current burning issue is the builder-homebuyer impasse. The issues being faced by hundreds of innocent homebuyers will be resolved at the earliest, as per the directions of the chief minister,” he said.

“My aim will also be to provide entrepreneurs a conducive environment for setting up industry and for ease of doing business. I will motivate people to invest in the area, so as to promote the recently announced UP industrial policy. Projects like the two government hospitals in Greater Noida, Gautam Buddha University and Greater Noida stadium will be studied, and strategies devised for their optimum use. I will also propose that these facilities be adopted by the state government,” he said.

On being informed about several leaseback irregularities involving farmers and GNIDA officials, Bhatnagar said he would have the issue examined in detail and see that the guilty were brought to book. Bhatnagar was appointed chief secretary in September 2016 and till now had additional charge of principal resident commissioner UP, chairman PICUP, and infrastructure and industrial development commissioner. Now, besides being designated as chairman of GNIDA, the 1983-batch IAS officer also holds the post of the state’s investment commissioner.

GNIDA uploads status of projects on website

Greater Noida Industrial Development Authority (GNIDA) to facilitate information about its under-construction residential projects has uploaded details on its website www.greaternoida.com. The links created on the website will provide the progress of GNIDA's projects so that allottees do not have to visit the authority offices and will get updates and information online.

According to officials, ten work circle details have been uploaded on the website. "Each has its own link, which when clicked will provide the pictures of the projects under that work circle and an update," said a GNIDA official. "The progress of each project will be updated every 15 days along with a fresh picture of the status of the project," he explained. "All details of each and every project under each work circle will also be uploaded including when the project was started, how many units are being constructed and the cost. The date of completion and handing over will also be mentioned," he added.

Officials further said that with this facility, allottees of residential flats and plots will now not have to visit the authority for information on progress of construction. Hundreds of visitors throng the Authority only to find out the progress of their homes and when they will be handed over. If concerned work circle in-charge fails to upload the progress, strict action is on the cards for them, said GNIDA officials.

Source-Magicbricks

DDA may drop 5-years lock-in clause for its 2017 housing scheme

NEW DELHI: In the relief of the thousands who bought flats under the Delhi Development Authority's 2014 housing scheme, they may be able to sell their houses without having to wait out a period of five years.
The land agency officials said on Tuesday that a proposal drop the lock-in period for resale of flats will be discussed soon.

DDA decided in May not to have a lock-in clause for its 2017 housing scheme, launched a few days ago. The five-year waiting period was introduced in 2014 to prevent speculators and investors from applying for allotment of flats, freeing them instead for genuine home seekers.

JP Aggarwal, principal commissioner, land disposal and housing, DDA, confirmed on Tuesday that the agency was aware of the demand to drop the clause from the contracts of the 2014 allottees and that a meeting to bring about parity between the two housing schemes would discuss the proposal.

If the lock-in clause is reversed, those who were allotted flats will have to make an immediate payment of around Rs 1.33 lakh. "Under the earlier contract, the allottees were required to pay 10% of the total cost after a period of five years. If the lock-in clause is removed, they will have to pay the amount right away," said Aggarwal.

One of the main grouses of the allottees is the lack of basic civic infrastructure in these colonies. "However, we are forced to live here because we can't sell our houses for five years," said Vaibhav Puggal, president, RWA, Rohini, Pkt 5, Sector 35.

RWAs of Rohini and Narela, where most 2014 flats are located, plan to write to Union urban development minister M Venkaiah Naidu and lieutenant governor Anil Baijal on the woeful infrastructure in their complexes. "There are no local markets, the approach roads are in a bad shape, and with no street-lighting, it unsafe to walk on the main road past evening," said Pratap Singh, a Narela G-2 resident.

Residents also complain of the poor quality of drinking water. "Water is being supplied through tankers, so how will DDA meet the water requirements once new allottees come here?" asked Sanjay Saini, treasurer, RWA, Narela G2. DDA officials said that efforts are being made to ensure proper water supply before new allotments are made. "Our engineering wing is in talks with DJB to start supply water in these colonies," said Aggarwal.

RWAs have urged allottees to write to Baijal and DDA about their problems. "It has been a big loss for us since our property value hasn't increased in the past two years. We want DDA to adjust our repayment balances and give us some concessions," said Puggal.

Source- ET Realty

North Delhi civic body to lease rooftops of buildings for setting up mobile towers

Delhi/NCR

The cash-strapped North Delhi Municipal Corporation has decided to rent rooftops of over 500 buildings in its jurisdiction for setting up mobile towers to increase its revenue.

The buildings spread over seven zones include community centres, senior citizen recreation centres, sports complexes, mahila haats, dhalaos and zonal offices. Senior officials said that they expect to get at least Rs 60,000 per month as rent from these spaces. The mobile towers may also be constructed at the ground level in places where there is additional space.

The civic body has invited expression of interest from companies with expertise in the field of installing mobile towers. "The towers can be erected by companies by setting up basic structure on the rooftops. Licence fee will be levied as per the orders issued of directorate of estates, ministry of urban development," said an official.

North corporation, which has been unable to pay its employees for the last two months, has been looking at innovative ways to boost its revenue. The civic body has a host of properties located at prime locations in north and west Delhi, which remain underutilised.

Last year, the corporation had rented spaces for ATMs in 855 properties, including 95 community centres, 53 hospitals and dispensaries, 6 zonal offices and 584 primary schools.

Economic Times, Delhi/NCR