By Our Correspondent
BHUBANESWAR: The Naveen Patnaik led BJD Government in Odisha has modified Industrial Policy Resolutions of 2007 and 2015 in a bid to give more scope to both MSMEs and Large Industries for their new units as well as in Expansion, Modernisation and Diversification of existing units.
As per amendments, New Micro, Small, and Medium Enterprises shall be eligible for reimbursement of 50% of net SGST paid for balance period out of eligibility period of 5 years from the date of starting of commercial production, limited to 100 % of fixed capital investment.
New Industrial Units in Priority Sector shall be eligible for reimbursement of 75% of net SGST paid for balance period out of eligibility period of 5 years from the date of starting of commercial production limited to 100% of cost of fixed capital investment. Negative list and Definition of Downstream industries Under IPR -2015 have also been amended suitably so as to remove ambiguity in determining eligibility of various incentives Under IPR.
The IPR 2007 was promulgated from 2 March 2007 and was in force till 23 August, 2015 and IPR 2015 came into existence from 24 August 2015. Changes have been made to the relevant portion of the IPR -2007 and IPR -2015. VAT, Entry Tax and Entertainment Tax related incentives are substituted by net State Goods and Services Tax(SGST) incentive.
