The Hindu : Karnataka / Bangalore News : KASSIA seeks tax concessions in State Budget

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Sunday, Mar 09, 2008
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Karnataka

Karnataka - Bangalore

KASSIA seeks tax concessions in State Budget

Special Correspondent

‘Merge VAT 240 audit with Income Tax 46 audit
Remove tax on recycled products

BANGALORE: The Karnataka Small Scale Industries Association (KASSIA) has requested several concessions and waivers from the Government in State Budget 2008-09.

KASSIA president M.C.R. Shetty told The Hindu that since it was only a vote-on-account, KASSIA had sought only tax waivers and concessions from the Government. The most important concession which needed to be given was merging VAT 240 audit with the Income Tax 46 audit. This process was now being done separately. When merged, it would eliminate duplication of process and help the accounting system to be simplified, he added.

KASSIA had demanded waiver of stamp duty on loan documents, which was 0.5 per cent now. Even the Reserve Bank of India had reflected on this aspect, Mr. Shetty said.

The special entry tax was still continuing in some segments of taxation. KASSIA had requested the Government to fully waive the special entry tax especially on electronic goods. Mr. Shetty said the Government should remove tax on re-cycled products, especially the plastic as it was an environmental friendly industrial activity.

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