India Budget 2018
The Union Budget for 2018-2019 demonstrates an encouraging growth story for India. The pre cursor for Union 2018 for the real estate sector started with the notification of the GST council to extend the concessional rate (of GST) acquired under the Credit Linked Subsidy Scheme (CLSS) for Housing for All (Urban) Mission/PMAY effectively came into force as on 25th January 2018. This now brings the current GST at 8% instead of 12% for under-construction homes.
A robust road map for housing for all was laid during the budget last year such as infra status to affordable housing and tax holiday for affordable housing and now the establishing of a dedicated affordable housing fund under the National Housing Bank will give it a huge fillip too.
The extension of corporate tax rate of 25% to companies with the turnover up to 250 crore from just 50 crore till last year, will have a positive impact on the health of corporate India irrespective of any sector. With the focus on development in rural India, infrastructure augmentation, healthcare accessibility, education enhancement, employment benefits and smart city expansion, our country is gearing towards a stronger, healthier and brighter economy. We will be happy to contribute to our nation’s growth story and accelerate development and inclusive growth.
Ashish R. Puravankara is the Managing Director of Puravankara Limited