News Karnataka
Tuesday, October 04 2022

Cut down GST, input tax on raw materials: Industrial Assn members urges CM

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Bengaluru: Members of various industrial associations met with Chief Minister Basavaraj Bommai on Saturday February 26 ahead of the budget, urging him to reduce GST and input tax on raw materials such as steel, plastic, and aluminium.

The Karnataka Small Scale Industries Association (KASSIA) stated that the budget should provide Ministry of Micro, Small and Medium Enterprises (MSMEs) with low-interest loans and promote industrial estates.

The KASSIA has appealed to the Karnataka State Financial Corporation (KSFC) for low-interest loans of up to 4% for MSMEs and startups. They have also urged the State Government to set aside Rs. 1,000 crore to cover the subsidy gap on the KSFC loans. They recommended that the electricity tax be reduced to 6% from 9% until the economy recovers, and that any tariff hikes be postponed until the economy improves.

The KASSIA Administrator Sridhar has also urged the CM to provide an additional Rs. 5 crore grant to complete the flagship infrastructure for the KASSIA Centre of Excellence & Innovation (KCoEI), which will be built at Dabaspet.

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