Budget 2015: 5 ‘REAL’ Things you should not miss!
1. GST to be introduced from April, 2016: Goods and Service Tax (GST) will come into force from April 1, 2016. With the introduction of the GST, a lessening in the number of various taxes executed is anticipated. These include service tax, excise duties and value added tax. It is also expected to simplify and streamline the indirect tax regime along with aiming at a reduced amount of paperwork and lower tax burden for the taxpayers.
2. Housing for All by 2022: Allocation of over Rs 22K crore for housing and urban development for FY 2015-16 is a welcome step in this regard and will pave way for future realty growth. Moreover, the FM said that the government plans to build 60 million (6 crore) homes – 40 million in rural areas and 20 million in urban areas – by 2022 under their vision “Housing for All.
3. Good news for DMIC project: FM has allocated Rs 1,200 crore for the Delhi-Mumbai industrial corridor (DMIC) projects. In addition, there has been an announcement to establish National Infra Fund, allocating Rs 20,000 crore.
4. Incentives for REITs: Rental income from REITs will have pass through facility. The rationalization of capital gain tax regime for REITs is a positive move and will benefit commercial real estate at large.
5. Encouraging Transparency: Bringing black money stashed in foreign countries has been one of the high priorities for the present central government since the time it came into power. It went one step further in this regard in the budget tabled today, to keep up its promise and the confidence in the public. The central finance minister proposed certain steps to bring black money stashed abroad as well as curb black money transactions.
