Bihar’s industries chamber demands special status for state in budget
President of the Chamber, P K Agrawal emphasized that with regard to ‘Sabka Saath Sabka Vikas’ Bihar could not match the nation’s growth average in spite of being geographically on plains with very fertile land and with abundant labour force.
Bihar Chamber of Commerce and Industries, in its pre-budget memorandum on Union Budget 2019-20 to the Central government demanded special category status for Bihar so that our state will match the national average and even cross the average to become the leader of growth in the country.
The Chamber also suggested ways means on speedy economic development of the state.
President of the Chamber, P K Agrawal emphasized that with regard to ‘Sabka Saath Sabka Vikas’ Bihar could not match the nation’s growth average in spite of being geographically on plains with very fertile land and with abundant labour force. “We demand special category status for Bihar so that our state will match the national average and even cross the average to become the leader of growth in the country,” he said.
The Chamber demanded proper budget allocation under the following industries e.g., Sugar Industry, Power Industry, Agriculture based Industry, Food processing, Steel & Engineering Unit, Tourism Industry, Professional & Technical Education Institute etc., and revision of tax rates in order to attract more and more people for filing their tax returns and to increase government revenue.
The Chamber also suggested a single slab rate of 25% for Firm/Companies , restoration of deduction of conveyance and medical allowances of salaried employees in addition to standard deduction of ₹40,000.00.
The Chamber also suggested that real estate business is presently facing many challenges with RERA/GST/Stamp Duty in addition to the hardships under the IT Act, which requires deemed rental to be taxed in case of unsold inventories lying with them. “We suggest that this provision should be withdrawn immediately, if possible with retrospective effect,” said Agrawal. The Chamber also demanded that the late fee for GST should be refunded to all tax payers as it will create confidence of all in the system.
