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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.
Source
: The HinduBusinessLine, India, dated
18/11/2008
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