CURRENT AFFAIRS

Detailed explanation-1: -The GoM on GSTATs was set up in July under the chairmanship of Haryana Deputy Chief Minister Dushyant Chautala.

Detailed explanation-2: -"Presented the Second Report of the Group of Ministers (GoM) on casinos, race courses & online gaming to the Hon’ble Union finance minister, Smti. nsitharaman Ji in New Delhi today,” the GoM’s chairman and Meghalaya chief minister Conrad Sangma tweeted.

Detailed explanation-3: -Flat owners are liable to pay 18% GST on residential property, if they pay at least Rs 7,500 as maintenance charge to their housing society. Housing societies or residents’ welfare associations (RWAs) that collect Rs 7,500 per month per flat, also have to pay 18% tax on the entire amount.

Detailed explanation-4: -The 48th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman via virtual mode in New Delhi today.

Detailed explanation-5: -[GST payable 18% on 2/3rd of the amount for the property; 1/3rd of the amount having been deemed as value of land or undivided share of land supplied to the buyer.]