(MENAFN- KNN India)
Hyderabad, Jan 31 (KNN) With demand slowing, Telangana's industry leaders are urging the Union government to introduce tax reliefs in the upcoming budget to spur economic growth and strengthen purchasing power.
The Confederation of Indian Industry (CII) Telangana and the Federation of Telangana Chambers of Commerce & Industry (FTCCI) are calling for income tax breaks and industry incentives.
CII Telangana chairman, Sai D Prasad, has called for increasing income tax exemption limits and allowing a 100 per cent interest deduction on home loans to boost the Real estate sector and disposable incomes. He also suggested simplifying the tax code by reducing surcharges and cess.
FTCCI has proposed extending House Rent Allowance (HRA) exemptions to home loan EMIs, increasing the standard deduction limit, revising tax slabs to ensure zero tax up to Rs 5 lakh, and raising exemptions on medical insurance premiums and savings interest income.
Prasad, who is also the executive director of Bharat Biotech, advocated for higher R&D deductions and a 100 per cent tax deduction on CSR spending beyond the mandatory 2 per cent.
FTCCI, meanwhile, urged the removal of customs duty exemptions on specific imports while seeking lower duties on life-saving equipment and support for domestic medical equipment manufacturers.
Industry leaders pushed for bringing petroleum, electricity, and natural gas under GST for seamless tax credits. They also called for a simplified GST framework to support MSMEs.
With India emerging as a Global Capability Center (GCC) hub, IT leaders urged the government to ease regulations to attract multinationals. HYSEA president Prashanth Nandella stressed the need for policies that elevate GCCs in the value chain.
Senior industry advisor KS Vishwanathan suggested recognising GCCs as global offices rather than separate Indian entities, increasing safe harbour limits, and simplifying transfer pricing regulations to reduce disputes.
HYSEA also sought 10-year SEZ tax exemptions, streamlined refunds, and AI-startup tax incentives.
With the budget approaching, Telangana's industry leaders hope their recommendations will be considered to drive economic recovery and investment.
(KNN Bureau)
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