Naresh Dhoundiyal, a prominent figure in the real estate sector, believes that the Goods and Services Tax (GST) regime is a significant step forward in simplifying taxes and boosting the Indian economy. He argues that the unified tax system streamlines business operations, reduces costs for developers, and attracts more investments. The article explores how GST benefits the real estate sector, fosters economic growth, and creates a more favorable environment for both consumers and businesses.
The Indian government announced significant changes to the Income Tax Act, simplifying the tax regime, introducing new incentives, and merging tax exemption regimes for charitable trusts. Key changes include increased standard deduction for salaried employees under the new tax regime and a simplified tax structure with reduced tax slabs.
VAT exemptions in the UK are rife, leading to inconsistencies and potential inefficiencies. While the government plans to partially rectify this by imposing VAT on private school fees, more comprehensive reforms are necessary to address the overall regressivity of the tax system and promote economic efficiency.
