Government May Consider Scrapping Double Taxation in Realty Sector
Addressing a conference organised by realtors' apex body Credai, the minister also expressed concern over huge amount of labour cess being unutilised.
Dec 17, 2015


New Delhi: The government will consider the real estate industry's demand to remove double taxation on developers who have to pay both labour cess as well as PF/ESI, Labour Minister Bandaru Dattatreya said on Wednesday.

Addressing a conference organised by realtors' apex body Credai, the minister also expressed concern over huge amount of labour cess being unutilised.

Around Rs 16,000 crore is lying in the treasuries of the state governments, he added. The industry has raised the issue of duplication of taxes for carrying out labour welfare, he said. "We will consider the industry's demand," Dattatreya said, adding that he would call the industry representatives to discuss this issue.

He assured the developers that there would not be any inspector raj in this government, but only inspection. Dattatreya said the government wants to simplify the labour laws and plans to bring four bills in the Parliament.

Credai National President Getamber Anand said the duplication of taxes in form of labour cess as well as imposition of PF/ESI should be removed.

Speaking on the occasion, Union Minister Rajiv Pratap Rudy said the construction industry is facing a gap of three crore skilled workers. "Construction sector is deficient of skilled people. The biggest challenge is we don't have trainers," Rudy said. He asked the industry to partner with government for skill development and training.

Nearly 11 crore additional skilled workforce will be required by 24 sectors like automobile, retail, handloom and construction by 2022, according to the skills gap report commissioned by National Skill Development Corporation (NSDC).

Latest Realty News

Dec 17, 2015
US housing starts in November rebounded from a seven-month low and permits surged to a five-month high, signs of strength in the housing market that could give the Federal Reserve more confidence to raise interest rates on Wednesday.
Dec 17, 2015
Mumbai: A relaxed FDI (foreign direct investment) policy for the realty sector has reinforced the confidence of overseas investors and has helped India regain its place as one of the preferred investment destinations, according to a survey by PwC.
Dec 15, 2015
New Delhi: Hospitality chain Hotel Leelaventure on Monday completed the Rs 725-crore sale of its Goa property to Ceres Hotels.
Dec 14, 2015
NEW DELHI: Realty firm Vipul Ltd has raised Rs 150 crore from DMI Finance Ltd to develop a luxury housing project in Gurgaon.
Dec 11, 2015
New Delhi: Around 8,500 allottees - almost one-third - of a housing scheme of Delhi Development Authority (DDA) have surrendered their flats, Rajya Sabha was informed on Thursday.
Dec 10, 2015
CHANDIGARH: The District Consumer Disputes Redressal Forum has fined managing director Udey Raj Singh Brar and director Amarjit Singh of real estate firm UK Homes with Rs 10,000 each, holding them guilty of non-compliance of orders to refund more than Rs 4.50 lakh to a complainant. They would face imprisonment of three years if they failed to comply with the orders, the forum ordered.
Dec 10, 2015
New Delhi: The Union Cabinet on Wednesday approved the Real Estate (Regulation and Development) Bill, 2015 which will now be taken up for consideration by the Parliament. Chaired by Prime Minister Narendra Modi, the Cabinet gave the nod to the Real Estate (Regulation and Development) Bill, an initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
Dec 10, 2015
New Delhi: The government on Wednesday reached out to the Opposition including the Congress by agreeing to incorporate in the Real Estate (Regulation and Development) Bill 2015, a provision requiring real estate developers to deposit 70 per cent of the project cost in a separate escrow account.
Dec 10, 2015
New Delhi: Housing prices have fallen by an average 15-20 per cent across the country in last 18 months and there is no scope for further reduction, realtors' apex body CREDAI said on Wednesday.
Dec 09, 2015
MUMBAI: The Maharashtra government's efforts towards reducing the number of approvals needed for a realty project is expected to make private housing relatively affordable. The move is also expected to ease developers' cash flow issues as approvals for their projects will be faster, said JLL India in a report.

Latest Realty News Of State

Realty Talk's