Industry rolls out Pre-Budget wish-list

    Pre Budget Wish List 2017
    JCB India Ltd.
    Rolling out his Pre-Budget wish list, MD & CEO, JCB India Limited, Vipin Sondhi reiterated that the importance of the infrastructure sector in the overall progress of the economy is critical. The Government has given considerable impetus to this sector including in the last two budgets, where significant allocation to this sector was committed. Owing to this focus, the Earthmoving and Construction Equipment Industry witnessed a noteworthy revival last year. This momentum needs to be sustained through concerted policy efforts towards an increase in private investment along with continued public expenditure. Apart from Roads and Highways, focus on the key sectors such as Railways, Irrigation, Mining, and Real Estate will lead to sustained growth of the infrastructure industry.

    India as a developing country has a tremendous potential for solar energy. As our nation is facing a void in demand-supply gap in energy, it is important to tap the solar potential to meet the energy needs. So, from this budget, solar power industry expects that the Government should provide benefits in such a way that we can achieve the target of 40GW rooftop solar by the end of 2022. At the moment, we have achieved about 1GW and thus to obtain the desired goal, we need to go with at least 40X speed in the next 5 years. The government should also work towards providing more benefits to the individual customers and end-users in terms of tax rebate etc., to encourage them to switch to solar power back-up systems. The Solar power equipment (like solar invertors, UPS, charge controllers) should be brought under "zero" VAT/CST regime similar to solar panels, all across the country. Further, we hope that the retail lending facility through commercial banks for buying solar energy equipment should be made as easy as getting a consumer loan, in fact solar energy sector should be given priority of lending status. The interest paid on loans used for solar energy systems should be allowed as deduction from income while arriving (at) income tax for individual tax-payers as well. The use of solar energy must be made mandatory for new construction through building by-law. We hope that the RPO should be implemented strictly by imposing penalties on non-implementation. All forms of tax, including CST, VAT, and service tax should be waived-off on the grid connected and off grid solar energy projects using indigenously manufactured system for a period of five years, said Director (Technical), Su-Kam, Sanjeev Saini.

    CREDAI-Pune Metro
    In order to boost the housing sector and to achieve the dream of the Prime Minister of providing houses to all by 2022, CREDAI Pune Metro has been in the forefront to pitch their concerns. The CREDAI Pune Metro expects the Union Budget to act favourably to their long pending demands including that the Real Estate industry is looking forward to increase in income tax deduction on house loan upto Rs. 5 lakhs, as that will increase the affordability of homes in mid range segment. Increase the basic exemption limits to Rs.5 lakhs from the present Rs.2.50 lakhs, give status of infrastructure to the industry with single window clearance system and remove deemed taxation-based on stamp duty valuation: Section 43CA of Income Tax Act.

    They also included the time limit for 80IBA for completion of Affordable Housing project should be extended to 5 years. The exemption for investment of sale proceeds in the additional residential property (other than the existing one property) should be provided and necessary amendment should be made in the Act.

    Give clarity on beneficiaries under Pradhan Mantri Awas Yojana about interest rate exemption of 3 percent & 4 percent. Give Income Tax incentives to the 1st time home buyers for certain period, extend Income Tax incentive on home insurance premium. In GST, give clarification on abatement scheme and credit for Input Tax. Increase house rent deduction limit and go in for digitization of land records and registration process to make them easy to do and transparent, President, CREDAI, Pune Metro, Shantilal Kataria said.

    Goel Ganga Developers (I) Pvt Ltd.
    Rolling out his pre-Budget wish list, Managing Director, Goel Ganga Developers, Atul Goel reiterated that after demonetization, it would be great to see how the government utilizes funds for the development works especially towards infrastructure development & affordable housing. It is expected that this huge money collected should be utilised for the benefit of poor and middle class. The only way it can happen is by distributing it through easy loans. It will increase the overall consumption power and thus will give a boost to overall market scenario.

    Real estate will surely benefit with easy and cheap loans. The Government spending should physically go up.

    The Wadhwa Group
    In view of the fact that the IMF has recently cut India's growth estimate for 2016-17 to 6.6 percent from its earlier projection of 7.6 percent due to the impact of the government's move to scrap some high-value currency notes, the real estate industry at large will keep a close watch at the Union Budget presentation with guarded caution. However, the organization has always supported positive reforms and progressive policy implementations for the sector, thereby, boosting market sentiments and the economy. While demonetization has had its effects, the company is optimistic about amendments addressing of certain key areas. In his Budget Expectations 2017, Director, Girish Shah demanded the implementation of GST with a more unified taxation, clarity on the land acquisition policy, REITs to get activated soon, implementation of policies that bring in transparency into the sector like RERA and Benami Transactions Bill, and make housing affordable by reducing the cost of finance for both developers and buyers.

    Duville Estates
    Expressing his Pre-Budget wish-list, Director, Duville Estate, Tushad Dubash said that the industry is looking forward to the implementation of the Real Estate Regulatory Authority Bill (RERA) which will bring in more transparency and professionalism into the sector. It is a positive move for developers with an established corporate governance practice. RERA coupled with GST and demonetization will create a strong framework within which this industry will function. It will create a clear demarcation between reputed developers and those with less respect for corporate governance thus, making it easier for investors to invest with comfort. This can only create a more conducive environment for foreign investors to invest. Housing for All and Affordable Housing, have been major announcements of the government for the real estate sector in 2016. It would need strong private sector partnership to succeed and achieve its goal. It's time now to expand these concepts and increase the benefits for other segments of the population as well. Industry status for the realty sector has been long awaited and it would be a game changer if approved this time. Overall, it is expected that Union Budget 2017-18 will be a common man's budget where optimistic changes in the income tax structure is predicted.
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