CURRENT AFFAIRS

Detailed explanation-1: -"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-2: -Both real estate buyers and developers must pay GST. In India, homebuyers of under-construction flats, apartments, and bungalows pay 1% GST for affordable housing and 5% GST on non-affordable housing. However, completed projects are exempt from this tax.

Detailed explanation-3: -[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.]

Detailed explanation-4: -Under GST, a single tax rate of 12% is applicable on properties under construction while GST is not applicable on completed or ready to sale properties which was the case in previous law.