Govt okays tax relief scheme for industrial units

Govt okays tax relief scheme for industrial units
HERALD REPORTER
PANJIM, APRIL 24
The Goa Government has approved an additional period of benefit of tax exemption under Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005, to some categories of industrial units.
According to the notification issued by the Finance Department, a small scale/medium scale/large scale industrial unit which is registered under the said Scheme and whose entitlement to avail the benefit of NPV or the tax exemption for the inter-State sales, for the balance un-expired period computed on 31-03-2005, expires or expired after 01-04-2007 but before 31-03-2010, shall be entitled to an additional period of tax exemption of one year beyond its normal entitlement in terms of entry 68 or entry 85 of the Second Schedule appended to the Goa Sales Tax Act, 1964 (Act 4 of 1964).
Second, a small scale/medium scale/large scale industrial unit which is registered under the Scheme and whose entitlement to avail the benefit of NPV or the tax exemption for the inter-State sales, for the balance un-expired period computed on 31-03-2005, expires after 31-03-2010, shall be entitled to an additional period tax exemption of two years beyond its normal entitlement in terms of entry 68 or entry 85 of the Second Schedule appended to the Goa Sales Tax Act, 1964 (Act 4 of 1964).
Third, a small scale industrial unit who graduates into medium scale industrial unit on or before 31-03-2011, shall be entitled for one year extra benefit of NPV under the said Scheme, in addition to its entitlement being certified by the Commercial Tax Department, after considering the additional benefit available to such units as mentioned above.
NOT ELIGIBLE: The following industrial units will not be entitled to the benefit of additional period of tax exemption.
These include the industrial units which have been declared by the Central Government as of high polluting nature and to whom the tax exemption has been extended by the Government under special order and also the industrial unit whose tax exemption/entitlement of benefit of NPV expired on or before 01-04-2007.
Third, the industrial units which are covered by the Schedule appended to item No. (ii) of sub-clause (e) of clause 2(A) of the said Scheme. The small scale industrial unit upon its graduation into medium scale industrial unit the period of entitlement to the extent it remains un-utilised on the date of its graduation.
Transfer of ownership of any industrial unit during the period of such additional entitlement will require prior approval of the Commissioner of the Commercial Taxes, failing which the request for benefit under the said Scheme will be rejected, the notification signed by Vasanti Parvatkar, under secretary (finance) said.