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Tuesday, Mar 19, 2002

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SSIs seek subsidised power supply

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THE Karnataka Small-Scale Industries Association (KASSIA) has called for power supply at subsidised rates to prevent closure of small units.

In its pre-Budget memorandum, the association said that the steep hike in power tariffs had adversely impacted the sector.

Calling for a concessional interest rate structure, KASSIA said the interest rates must be brought down to 6 per cent from the current level of 8.5 per cent for drawals from the Technology Upgradation Fund. Regarding tax proposals, the association sought abolition of taxes on turnover and entry. It argued that that the turnover tax did not allow companies to grow.

Further, the entry tax and cesses did not provide a level playing field for SSIs in the State, the memorandum said. In addition, a rationalised tax regime had also been proposed, on five distinct slabs with the lowest tax rate being 2 per cent and the highest at 12 per cent, for products manufactured by the SSIs in the State.

But the significant proposal by the SSIs was for sales tax deduction at source for supplies made to large companies in the State.

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