Bangladesh defeated India in the final match of the Under-19 World Cup 2020. Chasing 177, Bangladesh won by 23 balls and 3 wickets by Duckworth Louis (D / L) rules. On the first ball of the 43rd over, Rakibul Hasan ran for 1 run. Bangladesh won and his team and teammates ran towards the pitch celebrating.
The video after the match is viral on social media. Bangladeshi players came running to the ground celebrating the victory. He was performing very aggressively. Many Bangladeshi players were celebrating the victory by going close to the Indian players. An Indian player also got involved in it. After this, the umpire on the field took the two players away from each other. So far it has not been clear how it got started and who is responsible for it.
Talking to the media after the match, Bangladesh captain Akbar Ali said on this issue-
Some of our bowlers were very excited. He became emotional. What happened should not have happened.
Regarding what happened after the match, Indian team captain Priyam Garg said-
We were normal. Winning and losing keep going on. There was a dirty reaction from Bangladesh. I think it should not have happened.
Earlier in the beginning of Indian innings also, Bangladeshi bowlers sledging with Indian openers. At the same time, the Indian bowlers were also seen speaking to the Bangladesh batsmen.
Bangladesh captain Akbar Ali was named ‘man of the match’ for the winning innings in the final match. India’s Yasashvi Jaiswal, who scored the highest 400 runs in this tournament, was named the Player of the Tournament. Bangladesh has won the under-19 World Cup for the first time.
The Easy Guide To GST Calculations In The Real Estate Sector
The Goods and Services Tax (GST) was introduced by the Indian government to boost the ease of doing business in India and improve the global rankings. GST is an indirect tax that has replaced all other forms of indirect taxation in India. It is a comprehensive tax module that charges taxes based on the value additions in multiple stages. The main objective of this taxation system was to remove the cascading effect of the tax, that is, the tax charged on the tax amount already included in the price of goods and services sold.
On 1st July 2019, the Goods & Services Tax Act came into effect and changed the business landscape for good. The tax was introduced on the principle of one-tax for the entire nation. There are three nodes of this taxation system; the central GST, the state GST and the integrated GST. Intra-State (within states) sales are eligible for both the central and the state GST whereas the Inter-state (between two states) sales are eligible for an integrated GST.
GST in the Real Estate Sector
The real estate sector is one of the most crucial economic growth simulators for any nation. The real sector that accounts for 6-8% of India’s GDP has a major role to play in the nation’s economic health. There has been a significant positive impact of introducing GST into the real estate sector. The real estate sector is considered as a safe investment option by the majority of Indians, and the residential property segment has witnessed a fairly large influx of investments over time.
The recent change in GST rate for residential properties (non-affordable housing segment) that came into effect from 1st April 2019 gave a major push in investment towards the real estate sector. The implementation of GST on property has simplified a lot of taxation hassles that were present earlier. The GST applicable to the real estate segment ranges from 5% to 18% depending on some crucial factors. Let’s peep into the impact of these recent changes on the real estate sector and how it has changed the tax estimates.
- GST levied on residential properties in the affordable housing segment: 1% without Input Tax Credit (ITC)
- GST levied on residential properties in the non-affordable housing segment: 5% without Input Tax Credit (ITC)
- GST levied on commercial properties: 12% with Input Tax Credit
- GST levied on under-construction properties: 12% with Input Tax Credit
The affordable housing category was redefined with special parameters to classify as affordable housing. The properties under this segment were divided into three categories:
- For metropolitan areas like Delhi NCR, Kolkata, Chennai, Hyderabad, Bangalore and Mumbai Metropolitan Region (MMR) the total carpet area of properties should not exceed 60 square meters.
- For other non-metropolitan cities, the total carpet area should not exceed 90 square meters.
- The total value of the property for both metropolitan and non-metropolitan category should not exceed Rs. 45 lakhs
GST Charges for Construction Materials
A lot of raw construction material goes into building a property, and the final value of the property reflects the cost of raw materials used. Since GST is charged on a multi-stage value addition basis, it is also applied to the cost of construction materials required to build a property. Let’s delve into the GST rates levied on some key real estate construction materials.
- GST levied on roofing tiles: 5%
- GST levied on natural sand: 5%
- GST levied on building brick: 5%
- GST levied on fly ash blocks: 5%
- GST levied on granite blocks: 12%
- GST levied on refractory bricks: 18%
- GST levied on bamboo flooring tile: 18%
- GST levied on glass for construction: 28%
- GST levied on Portland/ Slag cement: 28%
- GST levied on granite other than blocks: 18%
- GST levied on crude granite or marble rubble: 5%
- GST levied on wall-coverings and wallpapers: 28%
- GST levied on ceramic, support tiles and fillers: 28%
- GST levied on prefabricated structural components for buildings: 28%
GST Charges for Construction Services
Other than raw materials, there are construction workers and builders who are involved in the process and provide their services in the process of construction. These services are also a part of the real estate industry. Let’s peep into the GST rates applicable for construction-related services and see how they vary.
- GST levied on under-construction properties (included under Credit Linked Subsidy Scheme): 8%
- GST levied on under-construction properties (not included under Credit Linked Subsidy Scheme): 12%
- GST levied on the composite supply of work contracts for affordable housing: 12%
- GST levied on the composite supply of work contracts to government agencies: 12%
- GST levied on the composite supply of work contracts (not included in government agencies or affordable housing): 18%
- GST levied on work contracts (non-government bodies): 18%
Input Tax Credit for the Real Estate Industry
Input Tax Credit is a tool using which taxpayers can get a rebate on the additional tax paid for goods. It is introduced to remove the cascading effect of tax that we talked about earlier. In the simplest term, the Input Tax Credit can be explained as removing the taxes paid on inputs from the taxes to be paid on the final output. ITC can be claimed on a wide range of inputs used in the construction process by the real estate developers.
This could help the builders to reduce the price of the property for the final customer. This benefit was, however, not fully incorporated by the builders. One of the major disadvantages of GST is that the benefit of this taxation system is not fully passed on to the final customer, like the Input Tax Credit availed by developers is not reflected in the property prices.
The real estate developers also face challenges while availing Input Tax Credits when it comes to thoroughly analyzing the wide range of input costs individually. The problem is not just limited to this, the cost of materials used in the construction process can fluctuate throughout the construction cycle, and calculating ITC for the inputs can get very complicated. Also, there is no mechanism in place to exacerbate the increase in non-GST costs, whereas the benefits of ITC are only limited to the GST paid.
Corona Virus: Workers in Delhi are not getting a bus or train to goto their home
The country has been shut down for 21 days, this people will end on April 14 and if the situation is not right, then it can go ahead, all the shops in the country, etc., have been closed, the market is closed, the gym is closed. Due to a lot of trouble, the rate of goods has become very expensive, vegetables have become expensive, rice and rice flour have become expensive, some people are also taking advantage of it like shopkeepers like Delhi. People living in the state have a lot of trouble working on increased wages, their work has stopped, but they have to go home, but the policemen are roaming on the road, there is no bus service, train service, stop everything Has been given till now
According to the media report we got to see Anand Vihar bus stop. There are some workers standing who have been rotating for three to four days, their work will be closed, they have no money, have to go home while working, a child comes out in it, which is child labour. To spend the money of his family inside Delhi and he is crying that he has to go home. I have to go to the house to sing the song of my policeman crying, I have no money, the government should do something about it and think a lot about these people, not because the whole of India is closed as it is You know
If we watch this video, there is a video of false NDTV in which news reporters are asking some questions to these labours. They tell their painful story. Look at that girl, you will be pitted. He is speaking in a complete way that I have to go home with the virus. The entire economy has been shut down due to.
That boy is talking about that the policemen have been roaming for the last 3 days, the policemen are not sitting anywhere, that I have to go home, that I will be 18 to 20 years old, seeing the child’s age Along with this there are a lot of labourers who are walking around with a bed, it was also heard that many workers are going to Bihar on foot.
People are thinking of Corona epidemic all over the world. So far, all 18500 people have died inside the whole world, if we talk inside India, then within our country, there have been 11 deaths and 533 cases have been done due to coronavirus. Corona positive locked the country for a full 21 days, what did Prime Minister Modi do to address the two countrymen.
Due to Coronavirus: Mumbai local train closed for the common people till 31 March
For this reason, the whole world is facing the biggest problems. Trouble and further, the local train called Mumbai’s Lifeline, which has been decided to stop for the public by 31 March due to coronavirus
The question will be coming in the mind of you people, after all, how will the government be able to fulfil this rule, that is why ordinary people will not be able to travel in Mumbai’s local train and which people will be able to travel. I am telling you to stay with us
Mumbai’s lifeline will be a local train, which will be stopped as of March 30, the reality will be closed for us, only those people whose medical condition is bad or not have any urgent work or any patient will travel in the train. Those who are government employees or are going from work to work, the land in the station will train until the I-card is checked and the fellow is fully investigated. Mr Which candidate is going to do something.
The order which is to be followed tomorrow morning from 6:00 to 31 March, ordinary people will not be able to travel in the local train to the people of Mumbai, at least people should do the necessary work only because of the government’s efforts, so this plan Has been brought.
People will have to face a lot of trouble and since today you know that curfew has been imposed all over the country, the Prime Minister said in the name of Janata curfew, which is in the country today I am 7:00 am to 9:00 pm The local train will always be open for the medical emergency facility.
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