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The Punjab Council of Ministers, led by Captain Amarinder Singh, on Wednesday, decided to waive off the setting up of private market yard for availing exemption from payment of 2 per cent over and above the Minimum Support Price (MSP).The decision is in line with the government's efforts to promote ease of doing business in the state to boost its industrial development.The move will further incentivise the direct purchase of farmers' produce by food processing units, said an official spokesperson after the Cabinet meeting, where the amendment to Clause 10.11.3 of the Industrial and Business Development Policy - 2017 was approved.According to an official spokesperson, the Anchor Units had extended the incentive from the condition of the license issued by Punjab Agriculture Marketing Board (PAMB) for setting up a private market yard from payment of 2 per cent over the MSP by adding Clause 10.11.3, which was notified in August last year.The Cabinet has also approved an amendment to Clause 6.14.2 to extend the setting up of Medium Small Enterprises (MSEs) Facilitation Councils in all the districts across the state. Currently, they exist in only seven districts (Ludhiana, Jalandhar, Amritsar, SAS Nagar, Patiala, Bathinda and Sangrur).The Councils will be headed the respective district Deputy Commissioner, who would be designated 'Director' for providing effective services to MSE units at district level under the amended Clause.In another decision, the Cabinet also approved amendments to the Fiscal Incentives for Industrial Promotion (R) 2013, including amendments to chapter 2 of the procedure for availing fiscal incentives under FIIP (R) 2013.These amendments are inconsistence with the procedure of availing fiscal incentive under the Industrial and Business Development Policy 2017 notified on October 17, 2017. Under the new procedure, all the incentives i.e. incentive of VAT/SGST, exemption of stamp duty, electricity duty, property tax and market fee etc, would be made available through the online portals - www.pbindustries.gov.in/www.investpunjab.gov.inNotably, the Industrial Promotion (R) 2013 policy notified on November 9, 2015, provided fiscal incentives for manufacturing, textiles, electronic hardware & information technology, agro-industries and food processing, tourism and health services sectors. After the introduction of Goods and Services Tax (GST) regime, there was a need to frame procedure for determination of Fixed Capital Investment (FCI) grant of fiscal incentives, including the incentive of VAT (incentive of net SGST), under the policy.( With inputs from ANI )

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Business development policy, Latest News

National :Punjab govt decides to waive off private market yard requirement for availing exemption over MSP

The Punjab Council of Ministers, led by Captain Amarinder Singh, on Wednesday, decided to waive off the setting up of private market yard for availing exemption from payment of 2 per cent over and above the Minimum Support Price (MSP). ...