The government has released the directives suggesting that after GST implementation, the business which is away from Investment promotion assistance will get relief in all kind of matters from next budget session. Further, the business has got an extension until next year to compensate the problems faced by businesses.
As per the Industry promotion policy 2014, the big businesses got industry promotion policy scheme. In this policy, traders got some relaxation in a VAT, CST, entry tax, and electricity tax rates, but after GST implementation, businesses are not able to get those benefits. Now Industry department will subsume all such relaxations from April 2018.
However, it is also mentioned as a condition to increase the production level to 75% until March 2022. As per the department, approximately two and half thousand business will get employment in this sectors. The new investment will increase as well. To accommodate with the new provisions, the industrialist will need a year time.
Read Also: Impact of Goods and Services Tax on SMEs, MSME and Startups
The maximum relaxation will be given to food processing industry. The industry purchasing the machinery worth Rs. 10 Crore will get 60% incentives. For Rs. 60 Crore, the incentives will be 52%. Apart from this, non-food processing industry with a turnover of Rs. 10 to 40 Crore will get 40% incentives.
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