Bengaluru, Jul 3 (IANS): The members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), led by its president Perikal M. Sundar, on Friday appealed to Union Finance Minister Nirmala Sitharaman to bring petrol and diesel under the Goods and Services Tax (GST) regime besides reducing the GST on commodities required for daily needs to contain inflation.

The FKCCI in its memorandum also urged the Finance Minister to waive off of the processing fees to sanction fresh loans, besides enhancing the existing loans granted to the Micro, Small and Medium Enterprises (MSME) sector.

In addition to this, the FKCCI demanded that the banks and financial institutions should not insist on additional collateral security while providing stimulus to other economic sectors such as garment, hospitality, education etc.

The FKCCI also sought exemption from the rigorous and time-consuming procedures in complying with private placement provisions while raising capital, allowing allotment of shares to angel investors at a discounted price under Series A funding, bringing back the Companies Fresh Startup Scheme and LLP Settlement Scheme for startups.

The memorandum also demanded the merging of Form DPT 3 (return of deposits form) with annual returns to help reduce the compliance burden for small companies.