Industry bodies seek better deal in budget

Industry bodies seek better deal in budget

Industry bodies seek better deal in budget

Representatives of various industrial federations sought abolition of trade licence for small and medium enterprises, reduction in stamp duty and uniformity in Value Added Tax (VAT) rates among others during their interaction with Chief Minister Siddaramaiah on Saturday as part of the pre-budget exercise.

The Federation of Karnataka Chamber of Commerce and Industry (FKCCI) has sought that the government take steps to create a ‘New Bangalore’ on the outskirts of the City with all modern amenities to attract industries.

Among its wish-list is to encourage public-private partnership in developing industrial estates providing at least 1,000 readymade sheds for micro, small and medium enterprises.

In its presentation, Karnataka Small Scale Industries Association (Kassia) pointed out that small and medium enterprises (SME) are already under multiple legislations such as Factories Act, Shops and Establishment Act, which are of statutory nature.

Trade licence has become an additional burden to the small entrepreneurs and needs to be scrapped. 

The Bangalore Chamber of Industry and Commerce (BCIC) sought reduction in stamp duty from seven to four per cent so as to encourage registration of properties and ensure buoyancy in revenues.

It has requested the State government to bring in parity in the VAT rates in respect to all commodities so that industries in Karnataka are placed on a competitive platform as compared to other states.