Punjab govt to announces exemption on SGST in thrust manufacturing sectors in Punjab, MSMEs say sector needs more support

New Delhi, Nov 3 (KNN) Punjab Chief Minister Capt. Amarinder Singh unveiled  'Punjab Industrial and Business Development Policy 2017'  at 6th Invest North 2017 investment conclave  and announced 100 per cent exemption from SGST in thrust sectors like high-tech manufacturing, apparel and made-ups, technical textiles, footwear and accessories, food processing, electronics, electronic service industry.

The new industry policy aims to promote the MSME sector in Punjab, the key highlights of the policy include 100 crore funds to promote start ups, decrease in industry power tariff to Rs.5 per unit and simplify the business registration and licensing process.

On the new policy, Badish Jindal, Chairman, FOPSIA Punjab told KNN that it was the first time that a policy focusing on MSME sector has been announced but the  promises made by the government in the new policy were not financially  feasible .

The government still have to fulfill the  commitments made in older subsidy policies and in the in the era of GST  when all states are doubtful about their revenues , it’s confusing how the Punjab government would implement the policy financially.

He further said that instead of making these fancy promises, government should hold regular discussions with MSMES and should immediately implement the non-financial part of the part of easing the registration and licensing process. (KNN/AG)