Industrialists seek reduction in tax
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Industrialists seek reduction in tax

January 8, 2021

Mysuru: A delegation of members of Kadakola, Adakanahalli, Tandya and Immavu Industrial Areas Association (KATKI) met Major Industries Minister Jagadish Shettar here yesterday and submitted a memorandum seeking reduction of tax imposed on Micro, Small, Medium and Large Scale Industries in view of COVID-19 pandemic.

The office-bearers, led by Association Honorary President H. Ramakrishnegowda, appealed the Minister to reduce tax on Micro and Small Scale industries from 0.4 per cent to 0.1 per cent; Medium Scale Industries from 0.5 per cent to 0.02 per cent and Large Scale Industries from 0.6 per cent to 0.3 per cent. 

The industries, that had paid Rs.one lakh Property Tax in 2015-16, had to pay now Rs. 6 lakh as per prevailing rate. It would be difficult for them to pay this amount as their industry had been hit by pandemic.

Industrial sites

He said the cost of industrial site which was Rs.30 lakh to Rs.70 lakh in 2006-07 had been hiked to Rs.1 crore to Rs.1.25 crore. This has impacted the industrial growth in the region. Necessary instruction should be given to Karnataka Industrial Areas Development Board (KIADB) to allot site as per old rate, he added.

KATKI President Prashanth, Vice-President B.Chandran, General Secretary P.V. Pinto and others were present.

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