PUNJAB INDUSTRIAL AND BUSINESS DEVELOPMENT POLICY, 2022
Dear Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you benefit of “PUNJAB INDUSTRIAL AND BUSINESS DEVELOPMENT POLICY, 2022 on Exemption from Property Tax”
Objectives
The objective of this scheme is to accelerate industrial growth and job creation, to develop world class infrastructure and bring anchor units, to provide quality and affordable power to the Industry, to accelerate growth of MSMEs, to focus on startup and entrepreneurship and to facilitate availability of skilled manpower for the industry.
Quantum of Assistance:
Exemption from Property Tax:
The Punjab Industrial Policy, 2022 give assistance under Thrust Sector as 100% exemption for 10 years from the date of commercial Production. This exemption will not be applicable to service industries such as Tourism & Hospitality, entertainment, Cinema Halls, Multiplexes, Healthcare, Education services and Retail Sector.
Eligible Entities:
In this policy, assistance can be avail by an entity/organization such as Private Sector Companies / Partnership Firms / Proprietorship Firms/ LLP etc.
Time of Applicability of Incentives:
Application on prescribed Form-PT for the grant of Property tax exemption, along with listed documents would be submitted on the web portal.
Eligibility:
- The unit must be registered with the Department of Industries online.
- The MSME should have obtained Udyam Registration.
- The Large units should have filed IEM with DPIIT, Government of India.
- The Unit shall not be manufacturing item placed in the negative list as notified under the Policy and amended from time to time.
- All the entrepreneurs should have Permanent Account Number (PAN) and should regularly file the Income Tax Returns.
- The unit should be in regular production at the time of disbursement of incentive except those incentives which are in pre-production stage such as Stamp Duty.
- All eligible Units set up on rented premises should furnish a registered lease deed for a period equal to more than the period of incentives.
Applicability:
The policy will be applicable for 5 years from 17-10-2022 and can be extended further by the State. The policy may be amended and modified in the course of implementation.
For, more information on this you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and contact Number- +918683898080
KIP Financial Consultancy Pvt. Ltd.
DSB – 38, Red Square Market, Hisar – 125001 (HR)
Leave a Comment