Various kinds of financial assistance and facilities are being provided under the Industrial Promotion Policy through MP TRIFAC Single Window System in the State. Under this, reimbursement of VAT and CST, Entry Tax exemption, facility of special package interest subsidy under Textile Project, reimbursement of expenses towards infrastructure development and subsidy scheme for ETP and STP investment under green industrialization are included.
It may be mentioned that assistance of `1220.31 crore as VAT and CST reimbursement was provided to 162 industrial units under the Industrial Promotion Policy. Similarly, under the interest subsidy special package, assistance of `470.20 crore was provided to 20 large textile units under the textile project. Furthermore, eligibility certificates related to exemption from entry tax in 91 cases were issue to the large industrial units. Also, sanctioned letters were issued to 70 industrial units.
Moreover, a financial assistance of `6 crore was provided to 6 large industrial units being set up in the state towards reimbursement of infrastructure development expenses. A sum of `25 lakh was provided towards grant on investment scheme for green industrialization. Further, an amount of `250 crore per annum is being provided to Bharat-Oman refinery Bina as loan amount without interest against deposit of basic enhanced tax. A total amount of `1280 crore was paid to the Bharat-Oman refinery till date.
A cabinet committee has been constituted to provide customized package for incoming investment proposals. Integrated application arrangements have been made to provide benefit of the facilities under the Industrial Promotion Policy-2014.
Departmental procedures have been simplified to obtain benefits of the facilities. Online arrangements have been made for maximum services in the Commerce and Industries department.