SIGN IN SUBSCRIBE

News Update

CX - Respondents cannot go beyond the Reward Scheme as no discretion is vested with them to release any amount towards the reward, before finalization of the proceedings against assessee: HCGST - Petitioner is given liberty to manually file an appeal against impugned order regarding transitional credit of SGST for which they had valid evidence for payment of VAT of same amount: HCGST - For the period for which return was filed, registration cannot be cancelled retrospectively: HCHas Globalisation favoured capital more than labour? Can taxing super-rich help?GST - SC asks Govt not to use coercion for recovering arrearsChanging Tax Landscape in IndiaPrivate equity funds pouring in India’s healthcare sectorInterpretation of StatutesGoogle, Microsoft move Delhi HC against order to erase non-consensual intimate images16th Finance Commission invites views from general public on terms of referenceEvery party committed to ensure PoK returns to India; Jaishankar695 candidates to contest LS elections in Phase 5Astronomers’ efforts lead to discovery of a rocky planet with atmosphereCSIR hosts Student-Science Connect program on Climate ChangeVolkswagen asks EU not to raise tariffs on EVs from ChinaI-T - Assessee given insufficient time to file reply to Show Cause Notice; assessment order quashed; matter remanded for reconsidering assessee's replies: HCChina blocks imports from Intel & QualcommI-T - Assessee has 5 email IDs & responded to communications received on one of these IDs; Assessee cannot claim to have been denied an opportunity of personal hearing before passing of order: HCRecord rainfall damages over 1 lakh homes in Brazil; over 100 lives lostI-T- Additions framed u/s 68 r/w Section 115BBE are unwarranted where assessee duly explains nature & source of cash receipts, through sufficient documentation: ITATRussia bombards Ukraine’s power supply; Serious outages fearedI-T- Re-assessment cannot be resorted to beyond 4 years from end of relevant AY, where assessee has not failed to file ITR or to make full & true disclosure of facts necessary for assessment: ITATIndia received foreign remittance of USD 111 bn in 2022, says UNI-T- Receipt of subscription fees can't be considered as commercial activity: ITATPitroda resigns as Chairman of Indian Overseas Congress over racist remarkST - In case of payment received through cheque, it is the date of honouring cheque, which has to be construed as date of receipt of advance payment and since amount was received by appellant on or after appointed date, appellant would not be entitle to benefit of exemption notification: CESTAT86 flights of AI Express cancelled as crew goes on mass sick leaveCus - When undervaluation of goods is alleged solely based on value of contemporaneous imports, all details relating to such imports are to be necessarily established by Revenue: CESTAT
 
Centre extends incentive package for industries for five years in J & K

By TIOL News Service

NEW DELHI, JUNE 15, 2013: THE Union Government has extended the Special Package for Industrial Development of Jammu & Kashmir (J&K) for a further period of 5 years, upto 14th June, 2017. The earlier package of Industrial Incentive for the State of J&K was announced on 14.06.2002 for a period of 10 years upto 14.06.2012. In order to provide continuity and to maintain the enabling environment for ongoing industrial development of the state of J&K, it has been decided to extend the incentives under the special package for a further period of five years from 15.06.2012 to 14.06.2017. The package includes:

(i) Capital Investment Subsidy @ 15% of investment in plant and machinery subject to ceiling of Rs.30 lakh. However, MSMEs would be eligible for Capital Investment Subsidy @ 30% of the investment of plant and machinery subject to ceiling of Rs.3.00 crore and Rs.1.50 crore for manufacturing and service sector respectively to all new industrial units and existing industrial units on their substantial expansion.

(ii) 3% Interest subsidy on the average of daily working capital loan to all new units for a period of 5 years from the date of commencement of commercial production.

(iii) Central Comprehensive Insurance Subsidy Scheme with 100% reimbursement of premium to all new and existing units on their substantial expansion for a period of 5 years from the date of commencement of commercial production.

The benefits can be availed by industries set up in notified Industrial Parks & Estates. The list of these notified areas has been expanded in consultation with State Government. The list of Thrust Industries which can be set up anywhere in the state, to be eligible for subsidy under the Package, has also been expanded to include Flour Mills and Rice Mills, Spice Grinding, Pasteurization/Processing of milk and other dairy product, mushroom culture, compost making, dairy farming packaging industry, bottling of Mineral Water, Stationery items and wood based industry.

The scheme will be implemented through State Government and funds will be disbursed through JKDFC, a nodal agency.

The total outlay for the period of the new package is Rs.295 crore.

All new units in the notified area in the State of J&K excluding negative list and all new units of thrust industry outside notified area in the State of J&K will be eligible for subsidy under the package for a period of 5 years.

In the erstwhile package, subsidy of Rs 158.45 crore (upto 31.3.2013) has been released during a period of 10 years. 9305 new units have been set-up with total investment of Rs.3183.48 crores and employment generated is 1,11,397 in persons in the state of J&K.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST