Disappointments include:
There has been no definitive decision on the expansion of the STPI plan, which is discouraging. Provided that a good number of SEZs would take longer than March 31, it is indeed a source of anxiety for IT/ITES protesters and designers.
Rent utility levy was supposed to be repealed, according to the sector. In this budget, there are no clear direct incentives for the retail sector. Reduced average taxes in different countries, on the other hand, would result in higher household incomes, which will benefit this field.
The short-term capital gains tax has been increased to 15%. This would have no impact on potential real estate acquisitions, which are not a good fit for long-term investment horizons in any event.
The budget also seemed to have underestimated the need for subsidized housing in cities. Let us look over the Budget 2021 | Pros and cons of Budget 2021
To end on a high note:
Green architecture has received particular attention. It shows that sustainable real estate growth is now considered the trend of the future in the real estate industry. The establishment of an operational framework in this area is a positive development.
Increased support for road livelihoods would help to relieve the pressure on urban areas by improving rural growth and thereby growing population growth and the pressure on public transport.
The allocation for the Bharat Nirman Yojana has been increased to Rs 31,280 crore, which is a positive move forward. We should expect an increase in land supply across all real estate industries as a result of this infrastructure spending, which would free up vast tracts of land for construction in the mid-to-long term.
The fact that there is an emphasis on regional Knowles would support the commercial property.
The increased emphasis on education and healthcare is reassuring. It would have a positive effect on the intrinsic value of townships that are springing up around the world.
The fact that Tier II/III metropolitan area clinics and 2/3/4 star hotels in UNESCO-designated heritage districts have been given a 5-year tax reduction adds value to the real estate market.
The Expenditure is excellent news for Tier-II and Tier-III cities, which will benefit from infrastructure growth to keep growing.
What are the sources of revenue for the government?
This type of question emerges in everybody’s mind: where does such a large sum of money come from to end up in the administration’s account? Let’s have a quick look at the Indian administration’s revenue and expenses.
- Budgetary expenditures
- The loan, which was obtained from various banks and nations, resulted in a bill of 20% interest, which seems to be a colossal amount.
- Individuals’ wellbeing is split into 16 percent, which is separated into separate states.
- The government creates several programmes and projects, so it can tax up to 14% of overall spending.
- Income
- Governmental Income Taking a loan from the World Trade Organization, the World Bank, the International Monetary Fund, the Asian Development Bank, or from developing countries such as the United States, Japan, and others generates 36% of its income, which adds up to a significant amount.
- The G.S.T. (Goods and Services Tax) adds up to 15%.
- Income Tax Returns account for 14% of the total (ITR).
- Corporation tax, which is raised by large multi-national corporations, accounts for up to 13% of the total.
This year’s budget was drafted entirely from the perspective of the country, and as a result, no significant benefits would accrue to any person. The government intends to expand spending in every sector so that it can assist its citizens in meeting their full range of needs.
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