Tuesday, May 30 2023 | Time 01:12 Hrs(IST)
image
Business EconomyPosted at: Mar 3 2023 4:33PM


FTCCI urges Telangana govt to scrap new trade license fee method

Hyderabad, Mar 3 (UNI) Appreciating the efforts of the government in making the state the most developed one in the country, Federation of Telangana Chambers of Commerce and Industry (FTCCI) President Anil Agarwal on Friday requested the government to scrap the new trade license fee method adopted from 2020 in the state.
Agarwal while interacting with the media over the problems confronting various industries in the state, said the trade license fee collected in the state is the highest among other states in the country.
However, in some other states, there is no trade license fee and the governments are collecting very small amounts.
Earlier, the Telangana government had collected license fee at fixed amount and up to maximum at Rs 7,000 but under the new method adopted in 2020, the state government is collecting at per sq. ft wise from Rs 4- Rs 7 per sq. ft which is more burden on the big establishments and also for Micro, Small & Medium Enterprises (MSMEs) too, he said.
Few challenges and issues faced by industries that are impacting the cost of doing business, Anil also urged the government to disburse the incentive dues of Rs 3,000 crore pending for industries and MSMEs since 2015.
In the last year budget, the government had allocated Rs 2,503 crore towards the Industrial Production Promotion (IPP) but released very small amount, he said for 2023-24, the government allocated Rs 2937.20 crore in the budget for it.
The FTCCI President expressed hope that the government would release incentive dues this year as stipulated in the budget.
Due proactive and industry friendly policies by the state government, the industrial and IT sector were able to attract substantial investments from all over the world, and the state has, no doubt, became a most favoured destination for investors, Agarwal said the MSMEs are finding it difficult to establish their units even in industrial clusters developed by the government due to increasing of land value.
The government should take steps to provide land at subsidized rates to the industries, he said it should also issue NOCs for power exchange system and added the government is not issuing NOCs for industries established after 2015.
Under the power exchange system, the industry can get power at a low unit price by participating in the bidding, but the government is not issuing NOCs for industries to participate in the bidding and also imposing additional surcharge on purchase of power under the power exchange system.
This would put an additional burden on the industrial unit.
Industrial property tax collected at per sq ft by gram panchayats is also an additional burden on the MSMEs and industrial units, he added.
UNI KNR CS1632
Please log in to get detailed story.
Tags: #FTCCI urges Telangana govt to scrap new trade license fee method
More News

Blox announces strategic partnership with VDV Developers

29 May 2023 | 9:10 PM

Mumbai, May 29 (UNI) Blox, an online home-buying platform, has announced its strategic partnership with VDV Developers for two assets valued at USD 100 million (Rs 750 crore), located in Tardeo and Mulund areas of city.

see more..

Torrent Power posts Rs 484 crore profit in Q4

29 May 2023 | 8:00 PM

New Delhi, May 29 (UNI) On the back of higher revenue, Torrent Power on Monday reported Rs 484 crore in consolidated net profit for January-March quarter (Q4) of 2022-23 as against a net loss of Rs 487 crore in the corresponding period a year ago.

see more..
ONGC turnover reaches Rs 6,84,829 cr in 2023

ONGC turnover reaches Rs 6,84,829 cr in 2023

29 May 2023 | 7:33 PM

Mumbai, May 29 (UNI) ONGC reported on Monday a consolidated turnover of Rs 6,84,829 crore in the financial year ended 31 March 2023, as compared to Rs 5,31,793 crore during the corresponding period of last fiscal year.

see more..
ONGC sets Rs 1 lakh crore capex target for renewables

ONGC sets Rs 1 lakh crore capex target for renewables

29 May 2023 | 6:21 PM

Mumbai, May 29 (UNI) Public sector energy giant Oil and Natural Gas Corporation Ltd (ONGC) on Monday said that it plans to massively scale up its renewable energy capacity from 198 MW now to 10 gigawatt (GW) by 2030.

see more..

Reliance Jio Kolkata consolidates leadership in Kolkata Metro

29 May 2023 | 6:18 PM

Kolkata, May 29 (UNI) Reliance Jio has consolidated its leadership in Kolkata with strong customer additions in March 2023.

see more..
image