Sukhbir Badal assures CICU for providing separate categorisation and rate of property tax for industrial property

Ludhiana, October 21, 2013: Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana delegation on Monday met Sukhbir Singh Badal, Deputy Chief Minister, Punjab in the presence of Sharanjit Singh Dhillon (PWD Minister), Bikram Singh Majithia (Revenue Minister), Madan Mohan Mittal (Industry Minister), Anil Joshi (Local Bodies Minister) and Maheshinder Singh Garewal  Advisor to Chief Minister Punjab.

Sukhbir Singh Badal considered the Property Tax issues of the delegation sympathetically, acceded to the demands and formed a special committee for providing Separate Categorisation of industrial property and rate of property tax for industrial category. He assured the delegation that existing industry will be provided required facilities and incentives for their growth and development.

In this context, the delegation presented memorandum to Deputy Chief Minister regarding peculiar problems being faced by industry on imposition of property tax as under:

•         Industrial sector is credited with generating the highest rates of employment growth and account for major share of exports. This sector is playing an important role in the equitable economic development of Punjab State

•         Under the Punjab Property Tax Act, 2013, all Properties have been categorised as Residential or Commercial. Industrial Units have been included in the Commercial category.

•         The normal range of majority of main of property in Punjab are as under:

S. No. Type of PropertyRange In Sq. yds.

1.            Commercial        25 To 300

2.            Residential          100 To 500

3.            Industrial             500 To 2500

 •         The aforesaid facts clearly reveal that maximum property tax @ 3% is to be collected from industrial units.

The delegation urged upon Deputy Chief Minister to provide relief to Industrial Sector especially MSMEs which are presently reeling under economic down turn and recession as under:

?  Separate Categorisation of industrial property may please be created.

?  Pleasereduce the rate of property tax with maximum of 0.5% for industrial property.

CICU delegation was comprised of Avtar Singh General Secretary, Upkar Singh Joint Secretary, Manjit Singh Khalsa Vice President and Spokesman UCPMA, G L Pahwa Patron, Ram Lubhaya Vice President, Phuman Singh Finance Secretary and others. www.cityairnews.com