Himachal Min Hails Announcement of Industrial Development Scheme

Shimla, Apr 27 (PTI) Himachal Pradesh Industries Minister Bikram Singh today hailed the announcement of Industrial Development Scheme by the Centre for new and existing industrial units engaged in manufacturing and service sector in the state.

In a statement issued here, Singh said this would be effective from April 1, 2017 to March 31, 2022 and all the units which have already commenced commercial production/ operation after April 1, 2017 can register under this scheme with the Department of Industrial Policy and Promotion, Government of India, by September 30, 2018.

The scheme will also be applicable to bio-technology and hydel power generation units with capacity up to 10 MW.

The salient features of the scheme include central capital investment incentive for access to credit (CCIIAC) at the rate of 30 per cent of the investment in plant and machinery with maximum limit of Rs 5 crores.

Besides, all eligible new and existing units are included in Fire Policy 'C' as per all India fire tariffs and would be eligible for reimbursement of 100 percent insurance premium on insurance of building and plant and machinery for a period of five years from the date of commencement of commercial production/operation.

The minister said in addition to this, the state government has also decided to waive 2 per cent and 1 per cent fees collected earlier on rental charges from industrial units. Limits of unearned increase which was earlier charged at the rate of 50, 30 and 20 per cent have been substantially reduced to 20, 10 and 5 per cent respectively.

He said the chief minister had also announced to give the incentive of partial reimbursement of SGST (State GST) as the incentives to industrial units pertaining to VAT/CST had ceased after enforcement of GST.

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