Associations for Industries and Tax experts of Indore have submitted their recommendations to the Union finance ministry for upcoming Union Budget 2022-23.
They have recommended an upward revision in threshold limits for investment-based deductions from income and health insurance premium and incentives for information technology companies.
Players from the information technology sector have urged for a special incentive to set up new facilities and expand operations. While, transporters have suggested the government bring fuel and gas under the ambit of GST to keep a tab on rising prices and support local industries.
Further, simplification of GST and compliance again is one of the key demands of industries from across sector.
In this regard, Virendra Kumar Porwal, executive president, Malwa Chamber of Commerce and Industries has said, “The government should allocate funds for technology upgradation of micro and small industries. A technology transfer cell should be constituted in every district to support local industries and the rate of electricity should be subsidised.”