Ahead of the Union Budget, the Shopping Centres Association of India (SCAI) has urged the government to offer financial relief to the industry through GST rate rationalisation, loan waivers, income tax deductions and relaxation in compliance norms.
In its representation to the Finance Ministry, the industry body, which represents malls and shopping centres, has called for tax holidays for construction of shopping malls and said that an amendment is required in Section 80-ID of the Income Tax Act to “allow deduction in respect of profits and gains from business of malls”, which have been constructed in specified areas.
“Income tax