Thursday, 17 December 2015

Govt mulls scrapping double taxation in realty sector

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 today.
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. 
Govt mulls scrapping double taxation in realty sector
Dattatreya said the government wants to simplify the labour laws and plans to bring four bills in the Parliament.
Speaking on the occasion, Union Minister Rajiv Pratap Rudy said the construction industry is facing a gap of three crore skilled workers.
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).
SOURCE: Money Control

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