Property tax hike proposal a worry to the IT industry
New-Delhi- With the Chennai Corporation hiking the property tax, the IT companies are quite worried off late and are planning to meet the senior state government officials in a day or two pertaining the issue.
A tax hike of about 50 to 200 percent was imposed on the IT industries. According to a senior official from an IT industry, they have been receiving calls from various IT firms and owing to this they have decided to meet the government and resolve the issue in the next two days.
Since the hike will have a greater impact on the smaller IT firms and start-ups, the official insisted on excluding them from being imposed with the hike.
He also said that the government, to encourage the start up IT companies, is likely to relax the company rules for those with a turnover of less than 5 crore. Further he added that the government should make sure that there are appropriate infrastructure facilities for IT companies. It should be a two way process and not just a one way process. If the government is increasing the property tax, it should also maintain the provisions of the infrastructure facilities for the IT firms.
After declaring Bangalore as India’s IT capital, Chennai also has moved forward with innumerable firms and most of them having their base in the IT corridor, the Old Mahabalipuram Road.
As per statistics, Tamil Nadu and Puducherry IT exports increased to a sum of Rs. 46,791 crore in 2011-12, up 10.8 per cent from Rs 42,210 crore.
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