BHOPAL: The Confederation of Indian Industry (CII) expects the state government to reduce value-added tax (VAT) on liquefied natural gas (LNG) considering that LNG provides more efficient combustion and improved production processes with less environmental impact. Chairman of CII, MP Chapter, Anurag Shrivastava said that, although the Budget present by the Union government addresses most of the issues, industries in Madhya Pradesh have expectations from the state Budget, as well.
Considering air connectivity to be the key to unlocking any state’s economic growth potential, the CII expects the state government to reduce VAT on airline turbine fuel in the state. This would attract airline operators to connect cities of the state to other parts of the world.
Additional funds must be allocated for the upgradation and development of the existing industrial townships to support the existing industries, Shrivastava said. “We also expect the inclusion of ‘entry tax disputes’ in the current ‘Samadhan Scheme, 2020’ as it would not only provide the much-needed stimulus to industries and MSME units, but would also ensure much needed revenue for the state government,” he said.
The CII, MP Chapter, also demanded that the stamp duty be rationalised according to the rates prevailing in the neighbouring states, particularly in availing of loans through bank mortgage.