Business
Maharashtra real estate sector will benefit from sales tax amnesty scheme
Among the highlights included the revenue deficit budget while announcing an Amnesty Scheme for Goods and Services Tax (GST) payees and a reduction of VAT on natural gas, among other tax concessions. This move has been lauded by those in the real estate sector as these were some of the suggestions that were presented in the past year by the industry to foster the growth of the industry.
Sandeep Runwal, president, Naredco Maharashtra and MD, Runwal Group, welcomes the government announcement of the Amnesty Scheme. He says it will encourage people to come forward and pay the pending dues, which in turn will help increase the tax collection. The proposal to waive the Stamp Duty of 0.1 percent on gold and silver imported in Maharashtra is a welcome move, too.
The state Budget for Maharashtra is believed to be forward-looking as it focuses on a long-term plan for the state. It will pave the way for a sustainable and prosperous Maharashtra by putting five aspects into action: agriculture, health, infrastructure, transportation, and industry. The state was one of the first states to announce the reduction in stamp duty during covid-19 period, which led to a phenomenal increase in sales of unsold inventory in the state’s real estate sector.
Pritam Chivukula, Treasurer, CREDAI MCHI and co-founder and director, Tridhaatu Realty says that State Budget 2022-23 is the need of the hour to boost the real sector in the state. “Real estate is one of the second largest employment generators in the country and contributes around 7 percent to the GDP,” he concurred.
Complete News Source: Construction Week
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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