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CM demands to immediately withdraw the provision of TDS on transfer of immovable property

The provision of TDS is against the interests of people and will adversely affect the federal structure of the country: Narendra Modi

In a letter written to the Prime Minister Manmohan Singh today the Gujarat Chief Minister Narendra Modi demanded to immediately withdraw the tax deduction at source (TDS) on the transfer of immovable properties. Mr. Modi said the newly introduced provision of TDS is against the interests of people and would adversely affect the federal structure of the country.

Mr. Modi said that he has drawn the attention of the Prime Minister about a number of decisions which have been taken by the Central government, adversely affecting the federal structure of the country and autonomy of the States.

The recent Budge has proposed to insert a new provision that every transferee, at the time of making payment or crediting any sum by way of consideration for transfer on immovable property, shall deduct tax at the rate of 1% of sum, if the consideration paid or payable for the transfer of such property exceeds – (a) Fifty lakh rupees, in case such property is situated in a specified urban agglomeration, or (b) Twenty lakh rupees, in case such property is situated in any other area.

The Chief Minister said that by introducing such a provision, it appears that the government of India intends to collect tax at the earliest point of time. Government of India may also be intending to have a reporting mechanism of transactions in the real estate sector.

Mr. Modi said that while introducing such an amendment the Central government has only considered the aspect of tax revenues for its exchequer. It has not considered its adverse implications on other stakeholders.

This will lead to unnecessary harassment to the people at large. It would result in enormous delay in getting the documents registered. Since the proposed procedure involves proof of deduction and payment of TDS, it would complicate the entire procedure and result in delayed processing for registration of the documents, Mr. Modi said.

Dealing with two separate authorities for registration of documents would add to the problems of people. It will also affect the realization of the Stamp Duty, which is an important part of State’s revenues, he said.

The Chief Minister has also pointed out that the Centre has not even cared to consult the States on such a vital issue which affects the common man and also the State’s finances in a big way. It is very clear that to ensure its own income, the Government of India has, once again, overlooked the nation’s federal arrangements, he said.

The Chief Minister asked the Prime Minister to personally intervene in the matter to ensure that this budget proposal is withdrawn immediately.

प्रधानमंत्री मोदी के ‘मन की बात’ कार्यक्रम के लिए भेजें अपने विचार एवं सुझाव
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Prime Minister’s comments at the Global COVID-19 Summit: Ending the Pandemic and Building Back Better Health Security to Prepare for the Next
September 22, 2021
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Excellencies,

The COVID-19 pandemic has been an unprecedented disruption. And, it is not yet over. Much of the world is still to be vaccinated. That is why this initiative by President Biden is timely and welcome.

Excellencies,

India has always seen humanity as one family. India's pharmaceutical industry has produced cost-effective diagnostic kits, drugs, medical devices, and PPE kits. These are providing affordable options to many developing countries. And, we have shared medicines and medical supplies with over 150 countries. Two indigenously developed vaccines have received "Emergency Use Authorization" in India, including the world's first DNA-based vaccine.

Several Indian companies are also involved in licensed production of various vaccines.

Earlier this year, we shared our vaccine production with 95 other countries, and with UN peace-keepers. And, like a family, the world also stood with India when we were going through a second wave.

For the solidarity and support extended to India, I thank you all.



Excellencies,

India is now running the world's largest vaccination campaign. Recently, we vaccinated about 25 million people on a single day. Our grassroots level healthcare system has delivered over 800 million vaccine dose so far.

Over 200 million Indians are now fully vaccinated. This has been enabled through the use of our innovative digital platform called CO-WIN.

In the spirit of sharing, India has made CO-WIN and many other digital solutions available freely as open-source software.

Excellencies,

As newer Indian vaccines get developed, we are also ramping up production capacity of existing vaccines.

As our production increases, we will be able to resume vaccine supply to others too. For this, the supply chains of raw materials must be kept open.

With our Quad partners, we are leveraging India's manufacturing strengths to produce vaccines for the Indo-Pacific region.

India and the South Africa have proposed a TRIPS waiver at the WTO for COVID vaccines, diagnostics and medicines.

This will enable rapid scaling up of the fight against the pandemic. We also need to focus on addressing the pandemic economic effects.

To that end, international travel should be made easier, through mutual recognition of vaccine certificates.

Excellencies,

I once again endorse the objectives of this Summit and President Biden's vision.

India stand ready to work with the world to end the pandemic.

Thank you.
Thank you very much