New Delhi: Twenty-one projects are under implementation or have been completed in Jammu & Kashmir, Himachal Pradesh, Uttarakhand and North Eastern States in order to provide incentives to industries
Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce & Industry has been implementing many schemes for providing incentives to industries in the States of Jammu & Kashmir, Himachal Pradesh, Uttarakhand and North Eastern States including Sikkim, official sources said.
The scheme for Jammu & Kashmir provides Central Capital Investment Incentive at the rate of 30 per cent of the investment in plant and machinery with an upper limit of Rs 5 crore).
Central Interest Incentive at the rate 3 per cent interest on working capital for 5 years and Central Comprehensive Insurance Incentive (Reimbursement of 100 per cent insurance premium for 5 years are also available. The scheme is in force from June 15, 2017 to March 31, 2022.
The scheme for Himachal Pradesh and Uttarakhand provides Central Capital Investment Incentive at the 30 per cent of the investment in plant and machinery with an upper limit of Rs 5 crore and Central Comprehensive Insurance Incentive (Reimbursement of 100 per cent insurance premium for 5 years). The scheme is in force from April 1, 2017 to March 31, 2022.
The scheme for North Eastern states including Sikkim provides Central Capital Investment Incentive (30 per cent of the investment in plant & machinery with an upper limit of Rs. 5 crore), Central Interest Incentive (3 per cent interest on working capital for 5 years) and Central Comprehensive Insurance Incentive (Reimbursement of 100 per cent insurance premium for 5 years).
Under the scheme, there is Income Tax reimbursement of Centre’s share for 5 years, GST reimbursement of Central Government share of CGST & IGST for 5 years and Employment Incentive under which additional 3.67 per cent of the employer’s contribution to EPF in addition to Government bearing 8.33 per cent Employee Pension Scheme (EPS) contribution of the employer in PMRPY.
There is transport incentive on finished goods movement by Railways(20 per cent cost of the transportation), by Inland Waterways Authority (20 per cent of the cost of transportation) and by air (33 per cent of cost transportation of air freight) from the station/port/airport nearest to unit to the station/port/airport nearest to the destination point.
Under this scheme, a single unit can avail overall benefits up to Rs 200 crore.
Scheme of Budgetary Support to the eligible units located in the states of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim under Goods and Service Tax Regime extends benefits of GST reimbursement of central government share of CGST&IGST to the industrial units for the residual period to them which were earlier availing excise exemption in the pre-GST regime. The scheme is in force from July 1, 2017 till June 30, 2027.
In addition, under this scheme, DIPP is implementing Modified Industrial Infrastructure Up-gradation Scheme (MIIUS) to upgrade common industrial infrastructure in industrial parks, estates and areas in the country including green field projects in backward areas including NER, the sources added.