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Thiruvananthapuram, Nov. 18 The Kerala Builders Association (KBA) has urged the State Government to fully exempt the construction sector from the purview of value-added tax (VAT).

Apart from VAT, others factors such as the steep reduction in floor area ratio (FAR), the country’s highest stamp duty and Central service tax (4.12 per cent) have pushed the State’s construction sector to the brink of disaster, according to Dr M.D. Jairaj, President of KBA.

He said here on Tuesday that the construction sector accounted for a major share of the State’s economic activities, besides being the biggest provider of employment.

The total transaction in the sector was around Rs 4,000 crore a year, out of which the Government received Rs 1,200 crore under various heads and departmental fees.

Dr Jairaj said that it was noteworthy that the Centre was taking a slew of measures to stabilise the volatility in the financial sector.

More Stories on : Real Estate & Construction | Taxation | Kerala

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