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  • Stage set for private self-financed Amity University to become operational in Mohali this year
  • Shivaji would have castigated RSS, BJP: Farmers' body
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  • Punjab to amend industrial policy to avail incentives through GST formula extension
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States » NorthPosted at: Feb 19 2021 5:13PM


Punjab to amend industrial policy to avail incentives through GST formula extension

Chandigarh, Feb 19 (UNI) To promote post-Covid industrial revival and attract greater investment, the Punjab Cabinet, led by Capt Amarinder Singh, on Friday gave approval to amend the Industrial and Business Development Policy, 2017, for extension of GST formula for availing incentives under the policy till October 17, 2022.
The move is also prompted by feedback/suggestions from certain industry associations for extending the last date of claiming the GST incentive, given in the notification dated October 17, 2018, and make this last date as coterminous till the expiry of the Industrial Policy of the state.
The fiscal incentive under the present Policy was only applicable for investment proposals received by March 31, 2020 on the Invest Punjab Business First Portal. With the Cabinet decision, the GST Formula notified vide notification no. 4888 on October 17, 2018 shall be extended for availing incentive under Industrial and Business Development Policy, 2017 till October 17, 2022 (till the applicability of Industrial and Business Development Policy, 2017).
Notably, the Industrial and Business Development Policy-2017 was formulated and notified on October 17, 2017 to provide the incentive of investment subsidy by way of reimbursement of net SGST. This formula for the calculation of the incentive was approved by the Cabinet on October 17, 2018 and notified on the same day. Thereafter, an amendment was issued on March 7, 2019.
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