SCAI seeks financial waiver, easing of IT norms in budget
New Delhi, Jan 28 (IANS) The Shopping Centres Association of India (SCAI) has sought financial waivers, a loan moratorium for the sector along with easing of income tax norms in the upcoming Union Budget.
In its budget recommendations, the industry body has also sought restructuring of GST norms to strengthen the retail and shopping centre industry.
“Input tax credit limitations are against the fundamental objects of GST implementation and real estate sector seeks full input tax credit profits as opposed to GST on forecast lease receivable for retail shopping centres, commercial workplaces along with IT/ITeS parks/SEZs and logistics, warehousing, and industrial initiatives,” a statement by SCAI said.
It has also sought clarification with respect to defaults by MSME vendors regarding filing of GST returns.
SCAI Chairman Amitabh Taneja said: “The overall recovery of the industry could have been much better; however, the current recovery rate is not helping the sector financially. We have been urging the government to extend support to the industry with a long-term beneficial plan.”
He said that by providing adequate financial reliefs in GST, loan waivers, income tax, relaxations in compliance timelines, additional deductions in CSR, and by incentivising digitisation, the government can help shopping centres, modern retail, and associated sectors in recovering and reaching the pre-Covid level.
“Another moot point that we feel requires immediate attention is around the retail policy. The policy has to go beyond the current situation or indeed the past 10 months. It should include structural issues like getting set-off on GST in construction activities against GST on rentals,” Taneja added.