Trade Bodies Seek Export Promotion and Incentives for Electric Vehicles in Karnataka Budget

Industry and commerce representatives on Saturday urged Chief Minister Basavaraj Bommai to allocate sufficient funds in the 2022-23 budget for infrastructure in industrial developments, export promotion and incentives for electric vehicles.

The Federation of Karnataka Chambers of Commerce and Industry (FKCCI), which participated in a pre-budget meeting with Bommai, sought basic infrastructure in the industrial zones and estates developed by KIADB and KSSIDC.

The FKCCI has also called for the establishment of a Cabinet sub-committee to streamline property taxes levied on industrial units. In addition, the organization asked Bommai to conduct a census to understand the status of the workers.

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The government has been asked to waive registration fees and road taxes on electric vehicles, as well as incentives of up to 30,000 rupees per vehicle. Karnataka Small Industries Association (KASSIA) has demanded soft loans from Karnataka State Financial Corporation at 4% for MSMEs and startups.

KASSIA also requested Rs 1,000 crore to bridge the grant gap from KSFC loans. The small industries body has urged Bommai to allocate Rs 500 crore to rehabilitate sick MSMEs.

Reduction of 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 real estate developers regarding registration stamp duty, indicative value and excessive legal burdens .

“The real estate sector has been rocked by various issues including GST, more difficult availability of credit, rising input costs, slow absorption of commercial real estate. In addition to these issues, several specific issues to the state make the situation more vulnerable for the real estate sector,” said Bhaskar T Nagendrappa, Chairman of CREDAI-Bengaluru.

The Association also suggested measures such as the calculation of stamp duty only on the construction cost of the project and not on the market value of the whole property, a reduced stamp duty of 3% for the registration of all residential property for a period of 6 months among others.

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