SIGN IN SUBSCRIBE

News Update

PM-STIAC discusses accelerating Industry-Academia Partnership for Research and InnovationIndia, Singapore hold dialogue over cyber policy44 bids received under 10th Round of Commercial Coal Mine AuctionsCops arrest former Dy PM of Nepal in cooperative fraud casePuri highlights India's Petrochemical potential at India Chem 2024UN reports record high cocaine production in ColombiaMinister unveils 'Aviation Park' showcasing India's Aviation HeritageED finds PFI wanted to start Islamic movement in IndiaBlocking Credit - Rule 86ASEBI says investors can use 3-in-1 accounts to apply online for securitiesI-T- Penalty u/s 271(1)(b) need not be imposed when assessee moved an adjournment application & later complied with notice u/s 142(1): ITAT4 Kanwariyas killed as vehicle runs over them in Banka, BiharI-T- Accounting principles do not prescribe maintaining of a day-to-day stock register, and the books of accounts cannot be rejected on this basis alone: ITATUN food looted and diverted to army in EthiopiaCus - Alleged breach of conditions for operating public bonded warehouse; CESTAT rightly rejected allegations, having found no evidence of any such breach: HCUS budget deficit surges beyond USD 1.8 trillionST - Onus for proving admissibility of Cenvat Credit rests with service provider under Rule 9(6) of the Cenvat Credit Rules, 2004: CESTATIf China goes into Taiwan, Trump promises to impose additional tariffsRussians love Indian films; Putin lauds BollywoodCus - Classification of goods is to be determined in accordance with Customs Tariff Act & General Interpretative Rules; Country-of-Origin Certificate may offer some guidance, but cannot solely dictate classification: CESTATCus - Benefit of such Country-of-Origin certificates cannot be denied if all relevant conditions are met under the applicable Customs Tariff rules: CESTATCuban power grid collapses; Country plunges into darknessCus - As per trite law, merely claiming a classification or exemption does not constitute mis-declaration or suppression - any misclassification does not equate to willful intent to evade duty: CESTATKarnataka mulling over 2% fee on aggregator platforms to bankroll gig worker welfare fundCus - Extended limitation cannot be invoked in case of assessee who is a regular importer with a consistent classification approach: 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 Samrat Choudhary, Hon’ble Deputy CM & FM of State of Bihar, delivering inaugural speech at TIOL Tax Congress 2024.

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Justice A K Patnaik, Mentor to Hon'ble Jury for TIOL Awards 2024, addressing the gathering at the event.

TII LATEST

TIOLCORPLAWS LATEST