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Karnataka mulls new property tax category for industries

Shettar said they will soon decide on sharing 70 per cent of revenue from the development of townships with the township development boards and 30 per cent with the local bodies.

Published: 09th July 2021 05:32 AM  |   Last Updated: 09th July 2021 05:32 AM   |  A+A-

Tax, Dollars

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By Express News Service

BENGALURU: The State Government is contemplating on adding a new category of property tax to provide relief for industries complaining about higher taxes, Industries Minister Jagadish Shettar said on Thursday.Shettar said they will soon convene a meeting of officers from the Urban Development and Industries departments after which a proposal will be placed before the cabinet.

On Thursday, Shettar and Urban Development Minister Byrathi Basavaraj interacted with members of the Federation of Karnataka Chambers of Commerce and Industries (FKCCI) to discuss their concerns regarding property tax and other issues.

“Currently, there are only two categories - residential and commercial - for property tax.  All industries are put under the commercial category, where taxes are on the higher side. To provide relief to industries, we are contemplating a separate slab that is between residential and commercial categories,” the minister said.

He said the need to have a separate slab for industries has also been mentioned in the new industrial policy and they have already held several rounds of meetings to discuss it. “A final decision will be taken after holding a meeting with the Urban Development Department,” he added. Shettar said they will soon decide on sharing 70 per cent of revenue from the development of townships with the township development boards and 30 per cent with the local bodies.



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