Indian Vice President and Pakisthan Prime Minister to Meet in Turkeminsthan
Vice-President Hamid Ansari will travel to Ashgabat from December 11-13 for the inauguration of the $10-billion Turkmenistan, Afghanistan-Pakistan-India pipeline (TAPI) project, where he will meet with Pakistan Prime Minister Nawaz Sharif, and Afghanistan President Ashraf Ghani.
The inauguration will take place on December 13, with all three leaders hosted by Turkmen President Gurbanguly Berdymuhamedov.
TAPI Pipeline
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Indirect Tax Collection grow 34 % in April - November
Reflecting improvement in industrial activity, indirect tax collection jumped 34.3 per cent to Rs.4,38,291 crore during the first eight months of current financial year. The government had collected Rs.3,26,273 crore from indirect taxes during April-November period of last fiscal. So far, the collection is 67.8 per cent of budget estimates (BE) for 2015-16.
As per the Budget Estimate 2015-16, the government aims to collect Rs.6.46 lakh crore from indirect taxes — central excise, customs and service tax.
Indirect Tax
Eg- coustoms , central tax, service tax
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Cabinet approves Real Estate (Regulation and Development) Bill, 2015
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.
The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.
The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.
Salient Features of Bill
Vice-President Hamid Ansari will travel to Ashgabat from December 11-13 for the inauguration of the $10-billion Turkmenistan, Afghanistan-Pakistan-India pipeline (TAPI) project, where he will meet with Pakistan Prime Minister Nawaz Sharif, and Afghanistan President Ashraf Ghani.
The inauguration will take place on December 13, with all three leaders hosted by Turkmen President Gurbanguly Berdymuhamedov.
TAPI Pipeline
- Turkeministhan- Afganistha - Pakisthan - India Pipeline
- A 10 billion Dollar Pipeline that will supply natural gas from Turkeministhan to Pakishthan, Afganisthan and India.
- Funded by Asian Development Bank and to be completed by 2020
- The TAPI pipeline is expected to be completed by 2020, although operationalisation could take a few years more, and is expected to transport about 90 million standard cubic meters of gas per day
- India’s share of 38 mmscmd would account for about 25% of its current gas requirements
- The 1800-km pipeline project contract would provide energy to Afghanistan, Pakistan and India for 30 years, with Turkmengaz extracting the natural gas at a shared cost from the Galkynysh field, the world’s second-largest reservoir of natural gas.
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Indirect Tax Collection grow 34 % in April - November
As per the Budget Estimate 2015-16, the government aims to collect Rs.6.46 lakh crore from indirect taxes — central excise, customs and service tax.
Indirect Tax
- A tax levied on goods and services rather than on income or profit
- An indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the customer). An indirect tax is one that can be shifted by the taxpayer to someone else. An indirect tax may increase the price of a good so that consumers are actually paying the tax by paying more for the products. The some important indirect taxes imposed in India are as under:
Eg- coustoms , central tax, service tax
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Cabinet approves Real Estate (Regulation and Development) Bill, 2015
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.
The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.
The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.
Salient Features of Bill
- Applicable both for commercial and residential real estate projects.
- Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
- Registration of real estate projects and real estate agents with the Authority.
- Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
- Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.
- Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.
- Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.
- Promoters barred from changing plans and design without consent of consumers.
- Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.
