Empowering MSMEs with News & Insights

Punjab Govt set to amend industrial policy to give investment incentives through Net SGST

Updated: Oct 18, 2018 07:21:26am
image

Punjab Govt set to amend industrial policy to give investment incentives through Net SGST

New Delhi, Oct 18 (KNN) Government of Punjab has decided to amend the  Industrial and Business Development Policy 2017  in order to give investment incentives by way of Net SGST on intrastate sales to promote business enterprises in the state.

The government is hopeful that the move will boost industrial development in Punjab.

The government has also given its nod to global tendering for the upcoming hi-tech Cycle Valley on a 100-acre industrial park in Ludhiana.

The decisions were taken at a meeting of the Cabinet, chaired by Chief Minister Captain Amarinder Singh.

The Cabinet observed that for effective implementation of the policy there was a need to explicitly define and explain the term 'Net SGST Incentive'.

The Cabinet decided that the 100 acres of undeveloped land would be allotted through an objective, open, competitive and technical bidding process to a well-established company of international repute.

For the development of the entire industrial park in the allotted land, the selected project company would be responsible.

A plan has been chalked out for implementing the project of Cycle Valley and the layout plan of the project has already been finalized and approved by the competent plan approval committee.

Other incentives should be provided through an amendment to the policy so that both the state and the industry get the best deal through measures such as global tendering, as the government could not give direct concessions to industry in matters of land acquisition, the cabinet noted.

A series of meetings/consultations were held amongst departments of Excise and Taxation, Finance, Industries and Commerce and Investment Promotion.

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *