RS 1037.66 Cr. INCENTIVE ALREADY APPROVED UNDER INDUSTRIAL AND BUSINESS POLICY 2017 ALONG WITH RS 3522.41 Cr. WORTH POWER SUBSIDY
CHANDIGARH, JUNE 19: Fiscal Incentives under the Industrial & Business Policy 2017 to the tune of Rs. 1037.66 Crores have already been approved till now. This is in addition to Rs. 3522.41 Crores worth of power subsidy extended by the government during the same period.
Disclosing this here today, the Industries Minister Sunder Sham Arora said that the Government of Punjab had notified Industrial Business & Development Policy 2017 on 17.10.2017, under which the Detailed Guidelines were notified on 7.8.2018. As per notified Guidelines, State Level Committee and District Level Committees have been constituted to consider & approve the Fiscal Incentives for MSME and Large category industrial units, respectively.
State level Committee conducted 9 meetings and various District Level Committee meetings were conducted to grant Fiscal Incentives to the Industrial Units, the Minister added.
53 MSME and Large Industrial Units were considered and granted Fiscal Incentives with an investment of Rs. 5776.46 Cr in the State, the Minister added.
Out of these 53 Industrial Units, 23 Units were granted 100 % Electricity Duty Exemption which is about Rs. 1023.66 Cr, 8 Units were granted Stamp Duty Exemption to the tune of Rs. 3.69 Cr, 6 Units were granted CLU/ EDC Exemption of Rs. 2.45 Cr and 3 Units were granted VAT/SGST Market Fees, Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) of Rs. 7.86 Crores.
Apart from above mentioned units, 13 Industrial Units were granted approval to Migrate from FIIP ( R ) -2013 to IBDP-2017 to seek higher incentives under IBDP-2017.
Also, during this period, under Fiscal Incentives for Industrial Promotion (R)-2013, 11 Industrial Units were considered and granted Eligibility Certificate to avail Fiscal Incentives which has investment of Rs. 446.93 Cr, in the State. These 11 Industrial Units are eligible for reimbursement of VAT / SGST of Rs. 203.66 Cr., Electricity Duty Exemption of Rs. 100.37 Cr. Out of these 11 Units, 5 Units are also eligible for Market Fees / RDF reimbursement of Rs. 131.54 Cr., 8 Industrial Units are eligible for Stamp Duty Exemption / Refund to the tune of Rs. 3.75 Cr, 7 Industrial Units are eligible for exemption of Property Tax amounting to Rs. 1.85 Crores and 1 Unit is eligible for Luxury Tax / License Fees of Rs.11.44 Cr. Total amount of incentives for which Eligibility certificates have been issued is 452.61 Cr, he added.
Also, during the period from 2017-2020, under old policy of 1989, 1992, 1996 and 2003, 168 no of units were given incentives for an amount of Rs 26.01 Cr. were after finalization of the guidelines.
Hence from 2017, a total of Rs 1516.28 Cr was given as an incentive to 232 eligible Industrial units under various policies.