Noted advocate and tax consultant Anil Harish from M/s DM Harish and Co gave an insightful speech on the UnionBudget 2010 and its implications on the housing sectorduring a special programme organised by the Navi Mumbai
Chamber of Housing Industry. The function was held at Hotel Four Points by Sheraton on Wednesday. A number of leading builders, advocates, architects and professionals from allied
industries participated in the programme.While throwing light on various aspects of the budget, Harish pointed out the urgent need for simplification and rationalisation of the budget for the common man to decipher and understand. He questioned how long it will take for simplification of the laws in India to make them more userfriendly. Harish also pointed out that benefits of foreign exchange don’t trickle down to the housing sector because builders do not put up a united front and compile data like exporters do in order to get more attention from those on the top who draft the budget. Housing has thus always remained a
neglected sector, he said. Several questions were raised by the builders on the service tax to be levied on rentals in retrospective. One of the prominent builders who participated in the programme said, “The reputation of the builders and the bottom line of their earnings will be affected if tenants are asked to pay service tax in retrospective. There is no clarity on how
much is to be paid, when it is to be paid and if this is in addition
to VAT that builders are already paying. All these issues need to be clarified. This will increase the burden on customers.”