While terming Chhattisgarh’s annual budget announcements as ‘balanced’ and ‘satisfactory’, PHD Chamber of Commerce and Industry, (PHDCCI) Chhattisgarh Committee Chairman Pradeep Tandon said that Chief Minister Raman Singh’s proposed relief through reasonable tax policy structure of the State will help in promotion of small and cottage industries.
A Provision of Rs 26 crore on development of industrial infrastructure will further promote the industry, he stated in a statement while reacting to the State Budget 2014-15 tabled in the Chhattisgarh Assembly on Saturday. Focusing on the taxes related with the industry, Tandon welcomed the decision of abolishing Entry Tax on iron ore , pig iron and steel scrap purchased from outside the State.
Reduction of VAT on steel scrap, pig iron, iron ore pellets from 5% to 2% will further help in sustaining the industrial units, he said. The reduction of Commercial tax from 2% to 1% for Small and Medium steel industries is also welcome, he said.