SIGN IN SUBSCRIBE

News Update

Baba Ramdev-promoted FMCG companies caught in a pickle over GST fraudsI-T- As per settled position in law, if let out property remains vacant during whole of relevant AY, then its ALV is to be taken as NIL: ITATUttarakhand Govt cancels manufacturing licence of 14 products of PatanjaliI-T - If assessee has supplied raw materials or directed vendors to purchase from its associate to complete manufacturing, it is 'contract for sale' & not 'contract of work': ITATIMF okays USD 1.1 bn bail-out package for PakistanI-T - CIT(E) should decide afresh application in Form No. 10AB for grant of registration u/s 12A(1)(ac)(iii), if application of trust was rejected without following natural justice: ITAT3 police officers killed in shoot-out in CarolinaI-T - If PCIT himself was satisfied that there was no error in order of AO vis-à-vis irregularities noted by him initially, there can be no case for exercising any revisionary power u/s 263: ITATGaza protesters on Columbia Univ campus turn tin-eared to police warningsI-T - Extension given for getting special audit done u/s 142( 2A) suffers from multiple infirmities, then assessment order is held to be void ab-initio: ITATBus swings into gorge; 25 Peruvians killedI-T - Sale consideration received in cash in lieu of agreement of sale upon failure of deal, cannot be penalized u/s 271D: ITATBattle against cocaine cartel: 9 Colombian soldiers perish in copter crashI-T- Payment made by NSE to Core SGF is business expenditure allowed u/s 37(1): ITATICG, ATS Gujarat seize Indian fishing boat carrying 173 kg of narcoticsGST - No hearing notice sent - Petitioner was prejudiced inasmuch as he could not be present at the time of personal hearing and the case was decided in his absence adversely - Matter remanded: HCTwo-Day Critical Minerals Summit begins in New DelhiGST - A taxpayer's registration can be cancelled with retrospective effect only where consequences of customers being denied ITC are intended and warranted: HCSC stays HC order directing CBI to probe against WB officials’ role in teachers’ recruitment scamGST - Proper Officer has not applied his mind to the replies submitted but merely held that the same is not proper - This ex facie shows non-application of mind - Order set aside and matter remanded: HC9 killed as two vehicles ram into each other in ChhattisgarhGST - If the proper officer was of the view that the reply submitted is unsatisfactory, he could have sought further details from petitioner - Matter remitted: HCConsumer court orders Swiggy to compensate for failure to deliver Ice CreamGST - CBIC is directed to look into the issue of automatic generation of non-migrated GST numbers and take rectificatory steps to identify such non-migrated numbers and cancellation thereof: HCRequisite Checks for Appeals - Court FeeST - GTA Service supplied by assessee & Service Tax already paid by service recipient - same activity cannot be taxed again in hands of service provider under SOTG service - no scope for double taxation in statute: CESTATThe 'taxing' story of Malabar Parota, calories notwithstanding!CX - As Unit No. I is entitled to take CENVAT Credit of duty paid by Unit No. II, it is a revenue neutral situation, thus extended period of limitation cannot be invoked: CESTAT
 
Sibal hands over Rs 961 Cr investment subsidy to Electronics system manufacturing hub

By TIOL News Service

NEW DELHI, JULY 13, 2013: MR Kapil Sibal, Union Minister for Communications & IT and Law and Justice handed over Investment Approvals regarding Government financial support to investments worth Rs. 961 Crores in the Electronics System Design and Manufacturing sector in India in presence of representatives from Industry, Industry Associations, MSIPS applicants and media persons on July 12, 2013 at Electronics Niketan, New Delhi. Investment Proposal are:

(i) Rs. 406 Crores of investment proposals for M/s. Samsung India Electronics Pvt. Ltd. for manufacture of smartphones at Noida. The project is expected to be implemented over next 6 months.

(ii) Rs. 544 Crores of investment proposals for M/s. Bosch Automotive Electronics India Ltd. for manufacture of automotive electronic devices like ECU engine system, ECU Brake system, Body Computer Module in Bangalore. The project is expected to be implemented over 3 years.

(iii) Rs. 11.1 Crores of investment proposals for M/s. Sahasra Electronics Pvt Ltd for manufacture of in LED lighting products. The project is expected to be implemented over 5 years.

Samsung and Bosch will be eligible for subsidy of 25% of their investment as these are in non-SEZ areas, while Sahasra will receive subsidy of 20% as its unit is in SEZ area. MSIPS provides for incentives for both large investment as well as small investment. Incentives are available both to multi-national as well as domestic companies without discrimination.

Speaking on the occasion, Mr Sibal said, “It is important to boost manufacturing and Government is trying to promote manufacturing to create employment and bring in latest technologies in the country to serve the domestic market as well as export. Finalization of MSIPS application in such a short span of time will help create the right atmosphere for more investment attraction in the ESDM Sector in India.”

The MSIPS has received good investment response with applications involving investment of more than Rs. 4600 Crores have been received till now. These are under various stages of appraisal and approval. These include Rs. 450 Crores of investment in Consumer Electronics and Appliances, Rs. 410 Cores in Hand held devices, Rs. 1770 in Telecom Products, Rs. 310 Crores in LEDs and LED Products, Rs. 45 Crores in Electronic Components, Rs. 610 Crores in Automotive Electronics, Rs. 40 Crores in Power Electronics, Rs. 210 Crores in Strategic Electronics and Rs. 750 Crores in ATMP – Semiconductor manufacturing.

One of the most attractive provisions of the NPE is the Modified Special Incentive Package Scheme (MSIPS), which was notified in July 2012 and guidelines were released in October 2012. Applications under MSIPS scheme were then received by the Department of Electronics & IT (DeitY). As per this scheme, Government is providing subsidy of up to 25% of capex for setting up new manufacturing units as well as for expansion of existing units.

The process of setting up of Greenfield Electronic Manufacturing Clusters is also getting kick started. So far 08 applications have been received involving investment of approximately Rs. 2100 crore and an area of 1805.29 acres for setting up of Greenfield Electronic Manufacturing Clusters. These Greenfield Clusters are in various locations including Hyderabad, Hosur near Bangalore, Bhiwadi, Bhopal etc. The first 3 proposals for Greenfield EMCs are going to the Steering Committee for Clusters headed by Secretary, DeitY today for granting in principle approval which will enable the applicants to take further steps to set up the Electronic Manufacturing Clusters. These proposals are as follows:

(i) Greenfield EMC in Hyderabad in an area of 602.37 acres involving investment of Rs. 580 crore applied by Andhra Pradesh Industrial Infrastructure Corporation.

(ii) Greenfield EMC in Maheshwaram, Andhra Pradesh in an area of 310 acres involving investment of Rs. 360 crore applied by Andhra Pradesh Industrial Infrastructure Corporation.

(iii) Greenfield EMC in Hosur, Tamil Nadu in an area of 527.1 acres involving investment of Rs. 606 crore applied by M/s. GMR Infra Ltd.


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