Budget 2021: Realtors demand income tax relaxations, GST reforms from FM Nirmala Sitharaman

Budget 2021: As the Union Finance Minister Nirmala Sitharaman is gearing to present the central budget on 1st February 2021, the Indian real estate sector has demanded Goods and Service Tax (GST) reforms and further relaxation in the income tax norms. They are of the opinion that the Narendra Modi government has announced various measures during the COVID-19 lockdown crisis to boost the real estate sector and if they introduce GST with input credit in this budget, it will work as icing on the cake for the real estate sector. However, they didn't miss their age-old industry status demand from the central government.

Speaking on his pre-budget expectation Dr. Nitesh Kumar MD & CEO Emami Realty said, "After agriculture, real estate is the second-largest employment creator in India and one of the major contributors in the National GDP. Indian Government  should introduce the Goods and Services Tax (GST) with Input Tax Credit."

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Hailing various measures taken by the Modi government that helped the real estate sector to see off the health crisis Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group said, "We expect the upcoming budget to further relax income tax norms, push more reforms in GST and announce industry status to the real estate sector. The sector also expects the government to unleash a series of reforms and consumption boosters to increasing credit off-take from banks to ease liquidity."