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 India exempts homes worth 1.5 million from tax

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PostSubject: India exempts homes worth 1.5 million from tax   Wed 11 Mar 2015, 4:59 am

DELHI: Indian Finance Ministry has raised the maximum value of land and buildings exempt from Bt1 million to Bt1.5 million from tax as Tax Act.
Prime Minister, Prayut Chan-o-cha, has signaled that the decision to raise the value-added tax (VAT) late this year may not happen.
“There may be no need to increase the VAT rate from 7 per cent currently if we can collect taxes from land and buildings,” the PM said.
The legal draft for the land and building tax may take one to two years before it is enforced, Prayut said, explaining that the government would prudently consider the issue.
Property developers have urged the government to reduce more tax rates.
Meanwhile, hotel operators plan to meet with Revenue Department officials to ask them to reduce the tax to be imposed on land and buildings, as they feel a 2 per cent tax on commercial properties is high.
Finance Minister, Sommai Phasee, said after a meeting yesterday of a committee tasked with reforming fiscal, budget and tax systems that the committee agreed to extend the tax-waiving ceiling for land and buildings from Bt1 million to Bt1.5 million.
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