Punjab Government will soon issue necessary notifications for its new industrial policy which was rolled out to attract industrial investments in the State.
“The notification for the new industrial policy will be issued soon. The notification for incentives can be issued anytime,” said Punjab Industries director Vikas Pratap, without giving any time-frame for the same. At the time of launch in June, Punjab Deputy Chief Minister Sukhbir Badal had stated the necessary notifications with regard to new industrial policy would be issued within a month of its launch so the policy could be implemented.
Punjab Government had launched its ambitious new industrial policy in June, offering a host of tax incentives to manufacturing, agro and food processing, IT and electronic hardware sectors coupled with faster clearance in a bid to attract fresh investments in the industrial space. With fiscal incentives being offered for seven to 13 years, depending upon the scale of investments, the State Government had announced offering VAT exemption from minimum of 50 per cent to maximum of 80 per cent for new manufacturing including textiles and agro and food processing sectors.
For electronics, hardware and IT sector, the level of tax exemption is to be up to 100 per cent. Besides, there would be 100 per cent exemption from payment of stamp duty, electricity duty and property tax and 75 per cent in payment of Central Sales Tax (CST). Punjab had come out with the previous industrial policy in 2009.