Property Plus
Coimbatore
Builders' demand not met in budget
STAFF REPORTER
The Builders' Association of India, Coimbatore Centre, has said that the industry's demand for duty relief to import modern machinery for infrastructure development has not been provided in the Union Budget.
The association's chairman, G. Srinivasan, has said in a release that infrastructure works were proceeding at a rapid rate in the country and modern machinery were needed. The industry had also sought inclusion of construction machinery for assistance under the Technology Upgradation Fund Scheme. However, these requests were not met in the budget.
Mr. Srinivasan said service tax payable for works contract service under the works contract rule 2007 had been doubled. This would have a definite impact on construction activities.
Reduction of Cenvat from 16 per cent to 14 would help control the cost of steel and the abolition of customs duty on steel and aluminium scrap would bring down the rate of these materials. The five year tax holiday announced for star hotels to be established in specific districts having UNESCO-declared World Heritage Sites would increase construction activities in these places, he said. Further, the proposals for skill development projects with public and private partnership was a welcome move.
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