FKCCI acknowledges appreciating the Government for considering some of the proposals that were given in the Pre-Budget Memorandum to Hon’ble Chief Minister Shri Basavaraj S Bommai in respect of support to MSMEs, Infrastructure Development, 2 tier city development, energy sector, promotion of industries, Tourism Sector, Bengaluru Development and State taxes and allocating funds.

It is understood that the present Government has focused on further overall development of State in respect of Trade, Commerce, Industry, Agriculture, Employment and serving of citizens at large.

From the view point of Industrial development, Skill development and to encourage women entrepreneurs even though it is a vote on account budget, being an election year, FKCCI appreciates the proposals and simultaneously observes the representation regarding micro small and medium enterprises support for further development has not been given much prominence. Some of the representations on APMC issues is still pending.

On tax front, FKCCI representation for consideration of increase in threshold limit for Professional Tax to salaried class from Rs.15,000 to Rs.30,000 considered upto Rs.25,000. This helps small categories of Salaried person.

As a major relief to clear the arrears of taxes under erstwhile KST, CST, VAT and allied commercial taxes upto 30th June 2017 is considered as a period of Karasamadhana Scheme with waiver of interest and penalties, if the principle tax assessed is paid on or before 30th October 2023. This is certainly a welcome support to business community.

Karasamadhana Scheme under State Excise for payment of arrears without interest and penalty. This is certainly a welcome support to business community.

FKCCI welcomes the Government move to examine and implement Gurucharan Committee report in respect of energy sector. We also welcome the State’s move of providing guarantee to the loans regarding power issues.