ZT News Network
Srinagar: In a significant development, centre government has extended industrial policy benefits on the pattern of North Eastern states to Jammu and Kashmir.
According to officials, the state administration had taken up with issue of extension of industrial benefits to JK which has now been approved.
According to this policy, new industrial units set up in the state will get Central Capital Investment Incentive for Access to Credit (CCIIAC) 30% of the investment in Plant & Machinery with an upper limit of Rs.5 Crore on the incentive amount per unit.
Central Interest Incentive (CII) 3% on working capital credit advanced by eligible Banks/ Financial institutions for first 5 years from the date of commencement of commercial production by the unit. Central Comprehensive Insurance Incentive (CCII) Reimbursement of 100% insurance premium on insurance of building and Plant & Machinery for 5 years from the date of commencement of commercial production by the unit.
Goods and Service Tax (GST) Reimbursement up to the extent of Central Govt. share of CGST and IGST for 5 Years from the date of commencement of commercial production by the unit.
Income Tax (IT) Reimbursement of Centre’s share of income tax for first 5 years including the year of commencement of commercial production by the unit.
Transport Incentive (TI) 20% of the cost of transportation including the subsidy currently provided by Railways/ Railway PSU for movement of finished goods by rail.
20% of cost of transportation for finished goods for movement through Inland Waterways Authority of India.
33% of cost of transportation of air freight on perishable goods (as defined by IATA) from the airport nearest to place of production to any airport within the country.
Employment Incentive (EI) government shall pay 3.67% of the employer’s contribution to Employees’ Provident Fund (EPF) in addition to Government bearing 8.33% Employee Pension Scheme (EPS) contribution of the employer in the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).
The overall cap for benefits under all components of incentives will be of Rs.200 crores per unit.