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
