Sensex Trades Marginally Higher; Sun Pharma & TCS Top Gainers

Share markets in India are presently trading marginally higher. Barring telecom sector and power sector, all sectoral indices are trading in green with stocks in the auto sector and healthcare sector witnessing maximum buying interest.

The BSE Sensex is trading up by 140 points (up 0.4%), while the NSE Nifty is trading up by 29 points (up 0.3%). The BSE Mid Cap index is trading up by 0.5% while the BSE Small Cap index is trading up by 0.7%.

The rupee is trading at Rs 71.02 against the US$.

In the news from the realty sector, shares of real estate developers gained in early trade today after the Goods and Services Tax (GST) council reduced the GST rate on under-construction houses.

Sunteck realty share priceMahindra Lifespace share price, and Oberoi realty share price gained around 2-5% on the back of the above news.

For flats priced more than Rs 4.5 million, the new GST rate applicable from April 1, 2019, stands at 5% against 12%.

The council also cut GST rates on affordable housing to 1% from the current 8%. In both cases, the builders will not be eligible to claim an input tax credit in the new structure.

Currently, GST is levied at an effective rate of 12% (standard rate of 18% less a deduction of 6% as land value) on normal housing and effective rate of 8% (concessional rate of 12% less a deduction of 4% as land value) on affordable housing on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

According to reports, the committees will also look at issues such as transfer of development rights, joint development agreements, lease premium, sale and transfer of floor space index, among other issues.

The stamp duty and registration and other charges remain as they are. Flats, which have received completion certificates, are out of the purview of GST. The decision on GST rates on lottery, however, was not taken at the meeting.

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