In view of the ongoing economic slowdown, the Finance Minister Nirmala Sitharaman will likely announce strong policy measures and reforms to propel investment, consumption and growth for all the sectors, Sanjay Goyal, CFO, Duravit India, says.
“The government has already proactively reduced corporate tax rates to incentivise companies. Change in personal tax rates, sector-specific initiatives and dispute resolution measure to curb litigation are some of the areas which could come under greater focus,” he adds.
The real sector has the highest employment after agriculture and contributes 6- 8% to GDP. The key expectation from Budget 2020, Goyal says, “is the elimination of taxes on vacant property, dropping circle rates section from Income Tax Act, increasing the limit of interest deduction paid on home loans, ensuring tax rationalisation on REITs, and lowering costs of land acquisition. These measures will positively impact the real estate sector, and propel the economy towards the ‘$5 trillion by 2024’ goal.”