Budget 2020

Karnataka industry bodies welcome budget

The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and Karnataka Small Scale Industries Association (KASSIA) have welcomed the Union Budget for enhancing the income tax slab and interest subvention scheme for small and medium industries.

FKCCI president Sudhakar S. Shetty in a press release said some sectors would get immediate relief in view of the budget proposal. The income tax slab been increased to ₹5 lakh from the existing ₹2.5 lakh and other related tax concession should give tax relief to the middle class.

The proposal to extend tax deduction for affordable housing for one more year and that exempting taxes on notional rent on unsold apartments up to two years would give big relief to the sector. In addition, non-charging of capital gain charge in case of investment in two houses will also encourage the housing sector, Mr. Shetty said.

KASSIA president Basavaraj S. Javali in a press release welcomed the the interest subvention announced for SME loans of up to ₹1 crore, and termed it as a positive step. He welcomed the decision to allow businesses with less than ₹.5 crore annual turnover to file returns under GST once in three months.

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Printable version | Jun 1, 2020 2:52:07 PM | https://www.thehindu.com/business/budget/karnataka-industry-bodies-welcome-budget/article26156169.ece

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