Hike Home Loan Interest On Self Occupied Property To Rs.5 Lakh In Budget 2016-17: PHD Chamber

The President, PHD Chamber of Commerce and Industry, Dr. Mahesh Gupta urged the finance minister to hike home loan interest on self occupied property from Rs.2 lakh to Rs.5 lakh in the forthcoming budget as it will accelerate demand and to provide impetus to the real estate sector.

He also requested the government to initiate measures in the budget proposals for 2016-17 so that tax payers base is widened and voluntary tax compliance enhanced to enable government broad base its financial basket.

In addition, Dr. Gupta emphasized that additional efforts are needed to be mounted to ensure that GST is implemented by April 2016 to meet the goals of indirect tax consolidation and simplification to generate more revenues for Centre and States.

Interacting with the finance minister with other representatives of industry associations, the President, PHD Chamber stressed that fresh initiatives need to be announced to broaden India's tax base by roping in a lot that currently avoids the tax net and measures declared to encourage tax compliance voluntarily.

These two steps are long overdue and if initiated even now, will enable government increase its tax revenues and help it contain the fiscal deficit, he emphasized.

In addition, Dr. Gupta pointed out that interest on delayed payment of Service Tax being charged @ 30% should be liberalized keeping in view the interest on delayed payment of excise duty and delayed refunds.

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