Tax Relief

Ludhiana Bizmen is hoping for an impetus for the business and is aiming for tax breaks: The Tribune India

Tribune news service

Ludhiana, January 7th

The Union budget is expected later this month. Urban industrialists, already exposed to the heat from Covid, have high hopes for their survival from the government. Meetings are held to discuss the issue and few organizations have forwarded proposals to the Union Finance Minister.

Members of the Federation of Industrial and Commercial Organization (FICO) said lower tax rates would improve revenue. The government should also pass on the 25% tax breaks granted to corporations to ownerships, partnerships and LLPs.

KK Seth, chairman, and Gurmit Kular, president of FICO, said steel prices nearly doubled in the past year, making the operation unprofitable for micro, small and medium-sized enterprises (MSMEs). “Industries are losing money due to the small increase in export orders, especially MSMEs, which are about to close,” he added.

“We urge the government to rationalize the prices of steel and other raw materials as the sudden surge in raw material prices has made it impossible for MSMEs to fulfill confirmed orders,” FICO members said.

“We are calling for the Credit Link Capital Subsidy Scheme to be made permanent as it is the only program to upgrade the MSME industry,” said Kular.

“The bicycle industry is the mother industry of Punjab, which makes India the second largest bicycle manufacturer in the world after China. The latter produces 20 million bicycles in a year, compared to 1.3 million made by India, ”added Kular.

“If the government wants to fill this gap, the technology upgrade fund program for the bicycle industry should be introduced. Indian industry needs funds to meet global production standards, ”said Kular.

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