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Punjab govt announces perks for integrated textile units
05
Jun '13
The government of the northern Indian state of Punjab has announced liberal incentives for integrated textile units in its new industrial policy.
 
The new industrial policy offers retention of up to 80 percent in value-added tax (VAT) and central sales tax (CST), as well as complete exemption form property tax, and electricity and stamp duty.
 
Retention facility allows entrepreneurs to self-asses their own accounts and retain the percentage of VAT and CST as prescribed for the category for a particular period, instead of paying them to the government.  
 
Announcing the new industrial policy, Deputy Chief Minister Sukhbir Singh Badal said the policy has been framed on the basis of extensive feedback form the manufacturing sector in Punjab.
 
Terming the new policy as ‘Earn your own incentive’, Mr. Badal said the policy hinges on three points—incentives, simplifying procedures and facilitation. He said Punjab has now become the first state to offer online approvals of new projects in a most transparent manner.
 
On the basis of current industrial development, the new policy divides the state in two zones.  Zone I consists of lesser industrial developed cities like Tarn Tarn, Gurdaspur, Hoshiarpur, Barnala, Bathinda and Faridkot, while Zone II includes cities like Ludhiana, Jalandhar, Mohali and Nawanshahr.
 
Integrated textile units coming up in Zone I will get more fiscal benefits compared to those in Zone II.
 
For the first time, the state’s industrial development policy lays emphasis on development of small and medium enterprises (SMEs), with a capital investment of Rs. 10-100 million. The upper cap for cumulative quantum of incentive under this category is 50 percent of the total fixed capital investment.
 

Fibre2fashion News Desk - India


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