Government of India is confident of passing GST & Real Estate bills in budget session: Venkaiah Naidu Urban Development Minister Mr Naidu said the federal government is certain that both property and products or services tax (GST) bills is going to be passed within the coming budget session.
Speaking at Nasscom’s 24th annual event in Mumbai, Naidu stated real estate (Regulation and Development) Bill, 2015, is important to bring transparency and trust in property business. He emphasize up on the growth of Real estate sector which is not possible without the trust of home buyers. Mr. Naidu Indian Real Estate bill will benefit the developers and ensure thatt “consumers aren’t taken for any ride”.“We’re likely to take housing seriously. We’re getting property development regulator through real estate development and regulation bill… I know the balance can get Parliament jerk within the coming session,” Naidu stated in a session attended by many people corporate leaders and technology heads of companies.
“In a democracy, you’ve to consider proper care of the desire of those for this reason this bill is originating, Naidu stated.
On 8 December 2015, the Union cabinet approved balance postponed and anticipated Property bill.
The balance envisages the development of a regulator for real estate sector who’s empowered to penalise and prosecute errant designers. The move is anticipated to revive consumer confidence in tangible estate, potentially triggering a revival within the sector.
Naidu stated the federal government is hopeful the politically sensitive GST bill may also undergo within the approaching Parliament session.
“I’m certainly confident and positive the GST can get approval from Parliament. We’ve spent and wasted sufficient time onto it. They (Congress) have pointed out certain issues which they will not raise once they introduced the balance in 2008. We’re attempting to address them, but some things are impossible,” Naidu told reporters around the sidelines from the Nasscom event.
Gdp growth is going to be increased 1.5 to two percentage points due to GST with no condition is against the balance, he added.