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| One stop to Buy, Sell & Rent Property in Nagpur |
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Nagpur Property Bazaar |
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| State ayes sops for industries to boost development in MIHAN |
| Reference : - Staff Reporter(The city line The Hitavada) |
| Reference Date : - 20 Sep, 2011 |
Developers, units in SEZ to get refund of VAT
Relaxation to industries from payment of Non-Agriculture cess on purchase of land
Exemption to units from payment of royalty for exploiting minor minerals in SEZ
TO SPEED up development of MIHAN and similar special Economic Zones (SEZs), Maharashtra Government, on Wednesday, ayed a package of financial sops for the industries. The weekly Cabinet meeting of Democratic front government approved refund to value Added Tax (VAT) to developers and units on purchases made by them for setting-up or for processing activity in the SEZ area.
There was a demand of total exemption from all taxes for the units located in SEZ area. But Chief Minister Prithviraj Chavan, later at a press conferences, said, it was not possible to do so owing to some technicalities. Hence, the cabinet has decided to refund the VAT to those industries in a time bound manner, our correspondent stated.
Another relaxation to industries is from payment of Non-Agriculture cess while purchasing land in the SEZ area, which is must before construction activity can be undertaken, similarly, industries have also been approved exemption from payment of royalty for exploitation of minor minerals in the SEZ area. The exemption will be for a period of 25 years, Chavan stated at the press conference.
The SEZ came into being after central Government finalized SEZ Rules in 2005 and today Maharashtra providing them exemption in payment of certain taxes.
Chavan furthers informed that SEZ Bill of 2010 is presently pending for discussion in the state legislature. But till then the state Government is committed to pushing development of SEZ and ensure they are attract attention of investors. A total of 117 SEZ including MIHAN have got in principle agreement from central government. From it about 63 SEZ have been notified and out of that 24 SEZ have already started functioning where about 64 units have commenced production. The total investment made by the companies there is about 17,000 crores and about 86,000 people have got employment in these SEZ.
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