AKRAMA-SAKRAMA – UPDATE


The State Government may approach the Supreme Court of India with an interim application to revoke the Stay on the AKRAMA – SAKRAMA Scheme, next week.  If the court VACATES the Stay order, Then the Government may go forward in implementing the scheme.

But, there are too many gaps and loopholes, which has to be plugged or issues to be sorted out.  It may be very difficult for the Government to implement the scheme as it had been formulated.

Hope some light at the end of the tunnel for all illegal properties, which had been constructed/laid out before 2013.

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GST ON 178 PRODUCTS REDUCED. GST on Building material slab brought down. Restaurants have an uniform GST of 5%


The Finance Minister Shri.Arun Jailey announced the New GST Tax Slabs.  Over 178 products which were in 28% tax slab or bracket have been put down in the lower tax bracket.

Most important for urban citizens are restaurants. The New Tax slab for all AC and Non-Ac restaurants are at a uniform rate of 5%.

Building and Construction materials have been brought under the lower tax bracket or slab will reduce the construction cost and thus the housing sector and the home buyers and builder are benefited.

 

Here’s the list of various products that have become cheaper:

Rates slashed from 28% to 18%

  • Wire, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors
  • Electrical boards, panels, consoles, cabinets etc for electric control or distribution
  • Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block
  • Furniture, mattress, bedding and similar furnishing
  • Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases
  • Detergents, washing and cleaning preparations
  • Liquid or cream for washing the skin
  • Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient;
  • Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorisers
  • Perfumes and toilet waters
  • Beauty or make-up preparations
  • Fans, pumps, compressors
  • Lamp and light fitting
  • Primary cell and primary batteries
  • Sanitary ware and parts thereof of all kind
  • Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic
  • Slabs of marbles and granite
  • Goods of marble and granite such as tiles
  • Ceramic tiles of all kinds
  • Miscellaneous articles such as vacuum flasks, lighters,
  • Wrist watches, clocks, watch movement, watch cases, straps, parts
  • Article of apparel & clothing accessories of leather, guts, furskin, artificial fur and other articles such as saddlery and harness for any animal
  • Articles of cutlery, stoves, cookers and similar non electric domestic appliances
  • Razor and razor blades
  • Multi-functional printers, cartridges
  • Office or desk equipment
  • Door, windows and frames of aluminium.
  • Articles of plaster such as board, sheet,
  • Articles of cement or concrete or stone and artificial stone,
  • Articles of asphalt or slate,
  • Articles of mica
  • Ceramic flooring blocks, pipes, conduit, pipe fitting
  • Wall paper and wall covering
  • Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware
  • Electrical, electronic weighing machinery
  • Fire extinguishers and fire extinguishing charge
  • Fork lifts, lifting and handling equipment,
  • Bull dozers, excavators, loaders, road rollers,
  • Earth moving and levelling machinery,
  • Escalators
  • Cooling towers, pressure vessels, reactors
  • Crankshaft for sewing machine, tailor’s dummies, bearing housings, gears and gearing; ball or roller screws; gaskets
  • Electrical apparatus for radio and television broadcasting
  • Sound recording or reproducing apparatus
  • Signalling, safety or traffic control equipment for transports
  • Physical exercise equipment, festival and carnival equipment, swings, shooting galleries, roundabouts, gymnastic and athletic equipment
  • All musical instruments and their parts
  • Artificial flowers, foliage and artificial fruits
  • Explosive, anti-knocking preparation, fireworks
  • Cocoa butter, fat, oil powder,
  • Extract, essence ad concentrates of coffee, miscellaneous food preparations
  • Chocolates, Chewing gum / bubble gum
  • Malt extract and food preparations of flour, groats, meal, starch or malt extract
  • Waffles and wafers coated with chocolate or containing chocolate
  • Rubber tubes and miscellaneous articles of rubber
  • Goggles, binoculars, telescope,
  • Cinematographic cameras and projectors, image projector,
  • Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology
  • Solvent, thinners, hydraulic fluids, anti-freezing preparation

28% to 12%

  • Wet grinders consisting of stone as grinder
  • Tanks and other armoured fighting vehicles
  • Rates slashed from 18% to 12%
  • Condensed milk
  • Refined sugar and sugar cubes
  • Pasta
  • Curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasoning
  • Diabetic food
  • Medicinal grade oxygen
  • Printing ink
  • Hand bags and shopping bags of jute and cotton
  • Hats (knitted or crocheted)
  • Parts of specified agricultural, horticultural, forestry, harvesting or threshing machinery
  • Specified parts of sewing machine
  • Spectacles frames
  • Furniture wholly made of bamboo or cane

18% to 5%

  • Puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta, kuliya
  • Flour of potatoes put up in unit container bearing a brand name
  • Chutney powder
  • Fly ash
  • Sulphur recovered in refining of crude
  • Fly ash aggregate with 90% or more fly ash content

12% to 5%

  • Desiccated coconut
  • iNarrow woven fabric including cotton newar [with no refund of unutilised input tax credit]
  • Idli, dosa batter
  • Finished leather, chamois and composition leather
  • Coir cordage and ropes, jute twine, coir products
  • Fishing net and fishing hooks
  • Worn clothing
  • Fly ash brick

5% to nil

  • Guar meal
  • iHop cone (other than grounded, powdered or in pellet form)
  • Certain dried vegetables such as sweet potatoes, maniac
  • Unworked coconut shell
  • Fish frozen or dried (not put up in unit container bearing a brand name)
  • Khandsari sugar

BENAMI PROPERTIES ON THE PROWL – WATCH OUT


BENAMIS AND THEIR AGENTS ARE ON THE PROWL TO DUMP THEIR ILLEGAL PROPERTIES IN THE MARKET.

It is not in terms of crores, but in terms of thousands of lakhs.  Small bits of properties in the form of layouts, sites, apartments, buildings, commercial complexes and farm houses are on the sale in various internet websites and through agents.

WATCH OUT.

MAJOR EXPOSE-PARADISE PAPERS -714 Indians in Paradise Papers for skirting taxes


714 Indians in Paradise Papers for skirting taxes

  • A new set of data taken from offshore

    law firm, Appleby, could expose the hidden wealth of individuals, including Indians.

  • Among the 180 countries represented in the data, India ranks 19th in terms of the number of names.

  • An Indian firm figures as Appleby’s second-largest client globally, with at least 118 different offshore entities.

A year after the Panama Papers, a new set of data taken from another offshore law firm, xxxxxxx, could expose the hidden wealth of individuals, including Indians, and show how corporations, hedge funds and others may have skirted taxes.

Among the 180 countries represented in the data (being dubbed Paradise Papers), India ranks 19th in terms of the number of names, a report on Indian Express website said.

In all, there are 714 Indians in the tally, it reported. Interestingly, an Indian firm figures as Appleby’s second-largest client globally, with at least 118 different offshore entities, it said.

The disclosure comes two days before the NDA government marks the first anniversary of the demonetisation drive on November 8, which the Centre will observe as Anti-Black Money Day.

According to records obtained by the International Consortium of Investigative Journalists (ICIJ), Ross is an investor in Navigator Holdings, a shipping giant that counts Russian gas and petrochemical producer XXXX among its major customers. XXXXX relative XXXXXX once owned over XX% of the company, but now holds a much smaller stake.

The latest revelations come out of an investigation led by the ICIJ, which was provided data collected in an alleged hack in 2016 of Appleby Global Group Services, a Bermuda firm providing legal services for hedge fund managers and corporations.

The leak also revealed that millions of pounds from the private estate of Q have been invested in offshore tax haven funds.

BENAMI PROPERTIES ARE PUT ON SALE IN MAJOR CITIES ARE UNDER SCRUTINY


In Major metros, a huge number of properties, like sites, plots, apartments, coffee and tea estate, resorts, large commercial buildings, houses, agricultural land and industrial land are PUT FOR SALE ON VARIOUS Websites, through brokers and builders, which are supposed to be or benami properties.

The sellers or developers or agents or the owners may project it as a very safe and good titled property, but, over 350 properties attached under Benami Transaction Act and multifold properties in major metros are under scrutiny.

The buyers/investors are ADVISED TO be VERY CAREFUL before transacting in such properties.

Some properties are in the name of individuals, corporates, builders, agents, relatives and have various backgrounds and it is difficult to find out the nature of the properties.

HENCE, THE BUYERS ARE STRONGLY ADVISED TO THOROUGHLY EXAMINE AND SCRUTINISE THE TITLE AND THE BACKGROUND OF THE PROPERTY AS WELL AS THE SELLER – BEFORE INITIATING ANY TRANSACTION.

The Prime Minister has hinted that there is a strong action initiated soon against such Benami properties.  There is an unconfirmed news in the market that BENAMIS are trying to borrow money or trying to shift their liabilities on others-fearing criminal action/proceedings against them by the State.