JOIN USTrade bodies seek export promotion, incentives for EVs in Karnataka Budget
The industry and trade representatives on Saturday urged Chief Minister Basavaraj Bommai to allocate adequate funds in the 2022-23 budget for infrastructure in industrial layouts, promotion of exports and incentives for electric vehicles.
The Federation of Karnataka Chambers of Commerce & Industry (FKCCI), which participated in a pre-budget meeting with Bommai, sought basic infrastructure in the industrial areas and estates developed by KIADB and KSSIDC.
The FKCCI also asked for a Cabinet sub-committee to rationalise property taxes levied on industrial units. Further, the body asked Bommai to conduct a census to understand the status of labourers.
The government was asked to waive off registration fees and road taxes on electric vehicles along with incentives up to Rs 30,000 per vehicle. The Karnataka Small Scale Industries Association (KASSIA) demanded soft loans from the Karnataka State Financial Corporation at 4% for MSMEs and startups.
KASSIA also asked for Rs 1,000 crore to fill the subsidy gap in the KSFC loans. The small scale industries’ body urged Bommai to allocate Rs 500 crore to rehabilitate sick MSMEs.
Cut in stamp duty
The Confederation of Real Estate Developers’ Associations of India (CREDAI) recently submitted a representation to Chief Minister Basavaraj Bommai on the issues faced by the real estate developers pertaining to registration stamp duty, guidance value and excessive statutory charges.
“The real estate industry has been battered with various issues, including GST, tougher credit availability, rising input costs, slow offtake in commercial real estate absorption. On top of these issues, several state-specific issues are turning the situation more vulnerable for the real estate industry” said Bhaskar T Nagendrappa, president, CREDAI-Bengaluru.
The Association has also suggested measures like computing stamp duty only on the construction cost of the project and not on the market value of the entire property, reduced stamp duty of 3% for registration of all residential property for a period of 6 months among others.
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