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Ludhiana: The recent notification by the state govt’s department of revenue regarding an increase in an additional surcharge of 0.5% (0.25% for equitable mortgage and 0.25 % hypothecation.) on all types of loans is being condemned by industrialists here.The state government has levied the additional surcharge through the Indian Stamp (Punjab Amendment) Act, 2023. The notification in this regard was issued last month.During a meeting organised to discuss the issue, the Chamber of Industrial and Commercial Undertakings (CICU) shared how the move has caused dissent among the industrialists. The CICU has also submitted a representation to the department of revenue.CICU president Upkar Singh Ahuja said: “The move by the government has caused dissent in the industry. We have received concerns of the members regarding the new amendment. We trust that the government will understand the compulsion of people and will take the necessary steps to fix a slab,” he added.Industrialists including CICU general secretary Honey Sethi, and members of the association Sanjay Dhiman, S B Singh, Rajinder Pal Kalsi, Didarjit Singh, N K Gupta and Ajay Bharti, were present during the meeting.

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