Maharashtra's new IT policy proposes waiver in stamp, electricity duty; eyes investment Rs 50,000 crore
Updated: Jun 17, 2015 12:11:58pm
Mumbai, June 17 (KNN) The Maharashtra government has unveiled its new information technology (IT) policy which envisages to attract an investment worth Rs 50,000 crore and generate employment for 10 lakh people in the state.
According to the policy, the state wants to exempt information technology and information technology-enabled service units from paying stamp and electricity duty, and provide power to these units at industrial rates, not commercial.
The other incentives include subsidy on electricity tariffs, property tax at residential rates, exemption from octroi, entry tax, Local Body Tax, concession on Works Contract Tax and VAT.
In addition, an additional FSI of up to 200 per cent by charging a premium has been proposed in the new IT policy.
The policy, called the new IT and Enabled Services policy, wants to give cities such as Bengaluru, Chennai and Hyderabad a run for their money "Three cities such as Chennai, Hyderabad and Bengaluru are leading in attracting IT-enabled services, and we have to compete with them, so we are taking these measures," said Maharashtra chief minister Devendra Fadnavis.
Announcing the policy, Fadnavis said that the sops were crucial to boost IT-enabled industries in the state and generate employment.
He said during the period of earlier policies of 2003 and 2009, employment of 7,48,000 was created and exports worth Rs 3,24,700 crore was achieved.
He added that besides IT services, the state will offer an impetus to the animation industry as well by dropping the entertainment tax for companies involved in producing animation, animation should be done out of Maharashtra and the entertainment duty should be waived off for a maximum of Rs 2.5 crore for each project.
Fadnavis said that the land cost in Mumbai was too prohibitive for IT companies to set up units and hence the state is focusing on giving more FSI and other incentives to companies that set up units in Navi Mumbai, Pune and Thane.
In context to the IT companies violating the IT policy in the past by leasing out properties to malls and multiplex es, Fadnavis said that the new policy has incorporated a provision where a per day fine of .3 per cent of the Ready Reck oner Rate would be imposed on the company if it flouts such provisions.
"This way, we will be able to recover the entire cost of the land that we will give to these companies within a year," the CM said.
Meanwhile, Industries secretary Apurva Chandra said that Maharashtra would reimburse property tax to those IT companies which set up units in rural ar eas. He added that in order to encourage IT companies to set up base in rural areas, they have proposed giving higher FSI to IT companies setting up business process outsourcing units in A,B and C category of municipal councils. (KNN Bureau)
According to the policy, the state wants to exempt information technology and information technology-enabled service units from paying stamp and electricity duty, and provide power to these units at industrial rates, not commercial.
The other incentives include subsidy on electricity tariffs, property tax at residential rates, exemption from octroi, entry tax, Local Body Tax, concession on Works Contract Tax and VAT.
In addition, an additional FSI of up to 200 per cent by charging a premium has been proposed in the new IT policy.
The policy, called the new IT and Enabled Services policy, wants to give cities such as Bengaluru, Chennai and Hyderabad a run for their money "Three cities such as Chennai, Hyderabad and Bengaluru are leading in attracting IT-enabled services, and we have to compete with them, so we are taking these measures," said Maharashtra chief minister Devendra Fadnavis.
Announcing the policy, Fadnavis said that the sops were crucial to boost IT-enabled industries in the state and generate employment.
He said during the period of earlier policies of 2003 and 2009, employment of 7,48,000 was created and exports worth Rs 3,24,700 crore was achieved.
He added that besides IT services, the state will offer an impetus to the animation industry as well by dropping the entertainment tax for companies involved in producing animation, animation should be done out of Maharashtra and the entertainment duty should be waived off for a maximum of Rs 2.5 crore for each project.
Fadnavis said that the land cost in Mumbai was too prohibitive for IT companies to set up units and hence the state is focusing on giving more FSI and other incentives to companies that set up units in Navi Mumbai, Pune and Thane.
In context to the IT companies violating the IT policy in the past by leasing out properties to malls and multiplex es, Fadnavis said that the new policy has incorporated a provision where a per day fine of .3 per cent of the Ready Reck oner Rate would be imposed on the company if it flouts such provisions.
"This way, we will be able to recover the entire cost of the land that we will give to these companies within a year," the CM said.
Meanwhile, Industries secretary Apurva Chandra said that Maharashtra would reimburse property tax to those IT companies which set up units in rural ar eas. He added that in order to encourage IT companies to set up base in rural areas, they have proposed giving higher FSI to IT companies setting up business process outsourcing units in A,B and C category of municipal councils. (KNN Bureau)
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