The government is working overtime to roll out the goods and services tax regime from July 1 and has held several workshops and seminars to familiarise traders and the industry about the new indirect taxation structure.
Some are also looking at changing the industry as the call to acquire new skill sets gets louder.
"There are about 3,489 projects worth Rs 14.5 lakh crore in the construction and real estate sector that are currently live across India," the study titled 'Construction and real estate investment: State-level analysis' said.
Banks have sold Rs 2.44 lakh crore bad loans to Asset Reconstruction Companies (ARCs) since 2003 as part of the resolution of the non–performing asset (NPAs), a study conducted by Assocham said.
"Around Rs 2.44 trillion worth of gross NPAs have been sold to ARCs till now," the report by industry lobby Assocham and Edelweiss ARC said today.
In a note submitted to the Central Board of Direct Taxes Chairman Sushil Chandra, the chamber said that in the absence of a provision for exemption from MAT for such a company, any plan for its revival shall become unworkable and unviable due to the huge and immediate cash flow required to meet the corporate tax liability payable immediately under MAT.
The term 'e-commerce' may get misinterpreted in the Goods and Services Tax (GST) law, industry chamber Assocham said.
On December 8, the government had reduced customs duty on wheat to zero from 10 percent to boost domestic availability and check retail prices.
The industry is still sensing a hint of uncertainty on the economic growth front even though the industrial output rose 2.7 per cent in January and urged the government to pursue reforms to stimulate investments.
"The all India bank strike might also impact deployment of gross bank credit worth up to Rs 1,600 crore," said DS Rawat, Secretary General of Assocham.
Domestic tourist visits in Karnataka can grow at a rate of about six per cent considering the recent trends of rise in domestic tourist visits together with improvement seen in physical infrastructure, rise in income and an increasing thrust on tourism promotion by state government, it said.
Industry body Assocham has urged the Centre to impress upon states to adopt the Model Shops and Establishments Bill, thereby allowing small and medium scale shops to remain open for all seven days.
The government must ensure there is no tax terrorism and fear psychosis among consumers and review its decision to impose 'Tax Collected at Source' on cash transactions above Rs 2 lakh, Assocham said today.
"The insurance penetration has started its northward journey is evident from the fact that it has increased from 3.3 percent in 2014 to 3.44 percent in 2015 on the back of various insurance schemes launched by the government," said the Assocham report.
Balkrishan Goenka, Chairman, Welspun Group and Kiran Kumar Grandhi, vice-chairman of GMR Infrastructure Ltd, have taken over as senior vice-president and vice-president respectively.
Disappointed with the Reserve Bank's decision to leave key policy rates unchanged, India Inc today said a rate cut was needed to revive demand hit by the cash crunch post demonetisation.
Industry body Assocham termed as a "positive development" the Central Board of Direct Taxes (CBDT) assertion that General Anti-Avoidance Rules (GAAR) would be applicable from April 2017.
Healthcare is currently exempted from service tax and a similar dispensation should continue even after the implementation of the GST regime at least for 10 year.
"The government should allow assessees to claim depreciation on assets funded by subsidy under the IBPS," the industry body said in its pre-budget recommendation.
Demonetisation has negatively impacted job creation by hurting small and medium enterprises (SMEs) in the immediate run, an Assocham survey today said.
"Invalidating existing high-denomination notes addresses the stock of black money but does little to address future flows. Eliminating such flows will require further reforms like lowering stamp duty on property transactions, electronic registration of real estate etc," the Assocham study said.
As wholesale prices rose 3.39 per cent in December, India Inc today said the focus should be on growth-oriented reforms that boost consumption, investment and job creation, while economists opined that inflation may rise in January and February.
Underscoring the need for creating a technology platform for growth and development of small and medium enterprises (SMEs) and startups, an Assocham pre-election agenda said that such an exercise can create 80 lakh new jobs in Uttar Pradesh over the next five years.