Mumbai | New Delhi: Real estate players that had set off taxes paid under earlier tax regime against their Goods and Services Tax (GST) liabilities have started receiving tax demands from the indirect tax department. The tax department wants real estate developers to reverse the credit claimed as transition credit, said people in the know. Many real estate developers had claimed transition credit on under-construction apartments and claimed these are stock or inventory for them but the tax department has sent notices and disallowed these claims. The tax liability for some of the top players runs to hundreds of crores, said the people mentioned above. Real estate developers had paid sales tax and other indirect taxes on raw materials such as cement and steel bought before GST was rolled out on July 2017. Many realty players hoped they would pass these taxes to the customers when they sell the apartments, and claimed this under the transition credit mechanism. “Many real estate … [Read more...] about Realtors told to reverse transition credit
Kolkata: Completion of the East-West Metro corridor is likely to be delayed by up to one year due to the accident caused by an aquifer burst in Bowbazar area during drilling operations in August, a senior KMRC official said. The 16.6-km-long rapid transit system, connecting the twin cities of Kolkata and Howrah, may now be completed by mid-2022, he said. "The project was scheduled to be completed by June 2021, but we are apprehending that it may get delayed by approximately six months to one year," the Kolkata Metro Railway Corporation (KMRC) official said. Technical experts are working on a roadmap for resumption of work on the Bowbazar stretch, he said. "Our priority is restoration work in the affected area. An expert team is working on the resumption of tunnel boring work at the site," he told PTI. The official said that there was no plan to change the route of the East-West Metro due to the accident since only one km of tunnelling work was left to be completed. He said that the … [Read more...] about Kolkata East-West Metro Corridor Project Likely to be Delayed by Another Year: KMRC Official
With a number of foreign universities opening their doors to Indian students in recent years, now is a great time to plan your child’s education abroad. From undergraduate programs in new fields to doctorate studies in traditional streams, there is an ocean of opportunities waiting to be explored. Apart from the learning in the classroom, education programmes abroad also expose your child to new experiences, cultures, and more, while adding serious weight to their CVs. But living in a foreign country – with tuition fees, books and stationery, living expenses and more – is expensive. A recent report published in The Economic Times states, to maintain the standard of life that Rs.1 lakh offers in Delhi, you will need Rs.5.3 lakh if your child is to study in New York. And it may not always be wise to dip into your savings account to cover the costs of studying abroad. Student loans or higher education loan may be the first choice for many; but an alternative solution … [Read more...] about Should You Choose a Personal Loan to Manage Your Child’s Education Abroad?
Hong Kong: Hong Kong schools reopened Wednesday after a six-day shutdown but students and commuters faced transit disruptions as the last protesters remained holed up on a university campus. City officials tried to restore a sense of normalcy as primary and secondary classes resumed. They sent inspectors to examine the damage to a major road tunnel targeted by protesters, but it was unclear when it could be reopened. A small group of protesters refused to leave Hong Kong Polytechnic University, the remnants of hundreds who took over the campus for several days. They won't leave because they would face arrest. Police have set up a cordon around the area to prevent anyone from escaping. The occupation of Polytechnic capped more than a week of intense protests, the latest flareup in the often violent unrest that has gripped the semi-autonomous Chinese city for more than five months. Since a police siege of the campus began Sunday, more than 1,000 people have been arrested and hundreds … [Read more...] about Last campus protesters hold out as Hong Kong schools reopen
New Delhi: Capital G backed fintech lender, Aye Finance has raised Rs 80 crore debt funding from an undisclosed investor. The MSME lender plans to utilise the latest infusion of funds for further growing its lending portfolio. This funding comes within a month of the news of the fintech lender raising Rs 55 crore from DCB Bank. So far, Aye claims to have disbursed over Rs 2200 crores to 1,50,000 micro enterprises since its inception in 2014. Speaking on the unique strength of the lender, Sanjay Sharma, founder and managing director, Aye Finance, said in a statement, “I believe the turmoil currently underway in the NBFC Sector will separate the sustainable and sound business models from the rest. Aye has remained unaffected and continues to find support from investors in India as well as globally in its mission to transform micro enterprise lending." Within a span of 5 years, Aye has transitioned from a startup to a mid-sized company. In the last 6 months, it opened 67 new … [Read more...] about Aye Finance raises debt funding worth Rs 80 crore