Budget 2018: Wish list of various Sectors from Budget 2018-19

Expecting sops and concessions from the Budget 2018

The Budget session will start from 29th January and the Union Budget will be tabled on 1st February. With less than a fortnight left for the Budget 2018-19 to be presented in the Parliament various sectors are contemplating what will be the impact of the same on them. With upcoming assembly elections in Meghalaya, Tripura, Nagaland, Karnataka, Mizoram, Chhattisgarh, Madhya Pradesh, Rajasthan, all before the general elections in 2019 for the 17th Lok Sabha some popular measures especially to woo the middleclass like modifications in the tax slabs and hike in personal tax exemptions are highly likely. But now that the adverse impact of some major reforms such as GST and demonetization behind, various sectors are also expecting sops and concessions from the Budget 2018. Mentioned below are some of the details.

Real Estate Sector

We have seen reforms such as RERA, Demonetization and GST being disruptive for the real estate sector, especially for the small and medium sized players. Thus the sector is now hopeful that the Budget 2018-19 will bring sops and incentives for them. Especially when the sector is one of the major contributors to the country’s GDP and is also the fourth largest in generating jobs and employment. One of the long standing demands of the real estate sector is to extend to them industry status. This will help developers raise funds at lower interest rates which will in turn help lower the project cost and thus boost demand. Although many initiatives have been taken by the Government to ease the business environment but still further cut in red tape is high on the sector’s demand list. A single window clearance mechanism for projects will be a boon for the sector. It will facilitate smooth and speedy approvals thus saving precious time and money and also help avoid delays. Reduction of GST rates on under-construction properties, enhanced tax benefits for home buyers, rationalizing of taxes on REITs are also high on the wish list of the real estate sector. Also some clarity on the previously announced Government's dream project of Housing for All by 2022 will provide the required impetus to the sector.

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