Budget 2018: Non-Profit Body Demands Action Against Builders Misusing GST
A not-for-profit organisation has pitched for stern action by the Anti-Profiteering Authority against those developers who are "enriching themselves" under the "guise of the GST (Goods and Services Tax)" causing loss to homebuyers. In its Budget recommendation to the finance ministry, the Forum for People's Collective Efforts (FPCE) also requested the ministry to allow deduction of EMI (equated monthly installment) from total income for assessing tax in case a person is also paying rent due to failure of developers to timely delivery of flats.
The FPCE, which is working for the cause of homebuyers, said the double burden of EMI and rent was breaking the backbone of a homebuyer for no fault of their own.
"In case where an assessee is paying both EMI and rent and date for scheduled handover of possession has passed, there should be deduction of EMI paid from the total income of such assessee over and above any other deduction being currently provided," FPCE President Abhay Upadhyay said in the letter, dated January 9, to Finance Minister Arun Jaitley.
Among other recommendations, he also suggested that Anti-Profiteering Authority needed to take stern action against those builders who are "enriching themselves" under the "guise of the GST" causing loss to homebuyers.
He also pitched for enhancement of house rent allowance to higher of "either the actual rent paid or the allowance received" in order to incentivise the salaried class, which had been the "most honest tax payers" of the country.
With inputs from Housing News