Skip to main content

Northeast Industrial and Investment Policy

Northeast Industrial and Investment Policy

With a view to give a further boost to industrialization in the North Eastern Region, the erstwhile North East Industrial Policy (NEIP), 1997 was revised and a new policy, namely North East Industrial & Investment Promotion Policy (NEIIPP) 2007, was notified w.e.f. 1.4.2007 which will remain in force upto 31.03.2017. Benefits under NEIIPP, 2007 have also been extended, for the first time, to select Service Sector units, Bio-technology units and Power Generating units (up to 10 MW), besides industries in the manufacturing Sector.

NEIIPP, 2007 covers the entire North East Region comprising States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim. NEIIPP, 2007 is applicable to all  industrial  units in manufacturing Sectors, select service sector, Biotechnology and Power Generating units (up to 10 MW) (barring the units producing tobacco and manufactured tobacco substitutes, pan masala and plastic carry bags of less than 20 microns, refineries, Calcined Petroleum Coke & Bitumen Emulsion and units engaged in peripheral activities like preservation during storage, cleaning operations, packing, re- packing, labeling or re-labeling, sorting, alteration of retail sale price etc.).
 The government has revised the North East Industrial and Investment Promotion Policy (NEIIP), 2007, stipulating that all the subsidies to industrial units will be disbursed through the DBT mechanism.Government has decided that henceforth subsidies payable to all industrial units will be disbursed through Direct Benefit Transfer (DBT) mechanism by the Chief Controller of Accounts (Industry) for which the units would need to get themselves registered on the e-payment portal by providing required bank details," the DIPP said in an office memorandum.

It also said that all industrial units which commence production on or after 1, December 2014 and on or before 31, March 2017 as well as existing units which go in for substantial expansion and commence commercial production on or before March next year will be eligible for incentives as per the revised norms of subsidy. 

The subsidy for the new industrial units/existing industrial units going for substantial expansion will be limited to Rs 5 crore per industrial unit operating in manufacturing sector and Rs 3 crore per industrial unit operating in services sector, the DIPP said in an office memorandum..

The NEIIP 2007 was for 10 years i.e upto 2017 but to a surprise Industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027, which was rolled out on July 1 2017.The support shall be available for the residual period (ten years from the date of the commercial production) in the States of North Eastern region and Himalayan States, he said. DIPP will notify the scheme, including detailed operational guidelines for its implementation within 6 weeks, he added. Under the new GST regime, there is no provision for exemption but there is one section under the Act which permits refunds.Therefore, refund would be permitted through DBT. The sunset clause of these exemption has been extended to 2027.

For full details click here

REPORT ON EXTENSION 

Comments

Post a Comment

Popular posts from this blog

Card user's at risk????

Here's a warning for debit and credit card users in India. Data of 1.3 million credit/debit card users is up for sale on a dark-net website called Joker's Stash. The Reserve Bank of India (RBI) too has taken notice of the theft and has reportedly sent advisory to banks across the country. Here's all you need to know about this and why you may need to go for a new card: The hack has been discovered by Group-IB, a Singapore-based company that specialises in detection and prevention of cyberattacks. Of the 1.3 million cards whose data is available for sale, 98% are believed to be from India. Group-IB has not shared the names of the banks whose credit/debit cards have been compromised. 5.5 lakh cards analyzed are said to be of a single Indian bank Though Group-IB did not reveal the source of the breach, hackers most likely acquired the card details through skimming devices, which were secretly planted on ATMs or PoS systems. In a letter s...
Post a Comment
Read more

Employees Provident Fund (EPF) Account holder don't forget to get this certificate

Although many subscribers of the Employees' Provident Fund Organisation (EPFO) are not aware of this but they could be eligible for pension at the time of retirement but for that you need to get a Scheme Certificate at the right time. Under the Employees' Pension Scheme, there are around 3.3 lakh pensioners. Your employer contributes 8.33% of your basic salary and dearness allowance (DA) to employees' pension scheme (EPS), as part of EPFO contribution. There is, however, a maximum cap of  ₹ 1,250. The amount of pension you receive is calculated by multiplying pensionable salary (average of last 60 months) with pensionable service and the dividing it by 70. The minimum pension that you get under the scheme is  ₹ 1,000. You are eligible for pension on superannuation at the age of 58 years. If you quit your job between 50 and 57 years you can avail an early but reduced pension. If you continue to work and contribute to EPF even after 58 years, you can avail pension...
Post a Comment
Read more