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03/08/2018 12:57pm

Punjab Cabinet approves operational guidelines to incentivize MSMEs, other industries

image Punjab Cabinet approves operational guidelines to incentivize MSMEs, other industries

Chandigarh, Aug 3 (KNN) The Punjab Cabinet, led by Chief Minister Amarinder Singh, has given its nod for operational guidelines for availing fiscal incentives for effective implementation of the new industrial policy. These guidelines have been also finalized for providing fiscal incentives, interest subsidy to MSMEs.

These operational guidelines have been framed after a series of brainstorming sessions with stakeholders.

According to an official spokesperson, the categorisation of units in start-ups, MSMEs and large and anchor units has also been finalised under the operational guidelines.

He said fiscal incentives for micro, small and medium enterprises (MSMEs) would be sanctioned at district level whereas the incentive to large units would be sanctioned at state level.

The operational guidelines approved include schemes for exemption from payment of stamp duty or reimbursement to the industrial units, besides approving a scheme for exemption from CLU/EDC as per given guidelines.

The cabinet also approved guidelines for grant of exemption from payment of electricity duty, property tax and approving another scheme for investment subsidy by way of reimbursement of VAT/SGST, he said.

To facilitate the easy disbursal of incentives, an on-line portal has already been set up, he said.

The policy guidelines also consists of schemes to encourage innovation by MSMEs which includes additional state support for technology updation for MSMEs, and assistance for technology acquisition of MSMEs.

The MSMEs have been incentivised by giving them support in Zero Effect Zero Defect (SED) scheme of the Government of India, besides reimbursement of expenses incurred on the energy audit, water audit, safety audit and expenses for environment compliance, the spokesperson said.

To encourage these units in research and development activities, guidelines have also been framed for reimbursement of expenses incurred on patent registration, quality certification, besides additional support for Performance and Credit Rating Scheme, he said.

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