Thursday, 21 October 2021

 

 

LATEST NEWS T20 World Cup : Wanindu Hasaranga, Pethum Nissanka and bowlers secure dominant win for Sri Lanka Win against Itsuki Hirata can put an Indian woman on global MMA stage : Ritu Phogat 'Dybbuk: The Curse is Real' is not for the weak-hearted Amid border dispute with China, Army makes integrated defence locations along LAC Security agencies probing larger conspiracy in Kashmir killings including Pak role Charanjit Singh Channi Greets People On Pragat Diwas Of Bhagwan Valmiki Ji & Exhorts To Follow Adi-Kavi’s Teachings Charanjit Singh Channi Announces Memorial Gate And Stadium In Memory Of Martyr Mandeep Singh Punjab Police Foil A Major Weapon & Drugs Smuggling Bid Via Indo-Pak Border Innovate, research, reform and perform: Shri Bandaru Dattatraya at international tech summit Kerala floods: 42 dead, six still missing T20 World Cup : Wiese's fifty powers Namibia to 6-wicket win over Netherlands 46 dead, 11 reported missing in U'khand flash floods, landslides Sukriti Kakkar, Prakriti Kakkar light up iconic Times Square billboard No bail for Aryan Khan, 2 others, to move Bombay HC on Thursday These tournaments are a real source of motivation : Bala Devi on AFC Women's Asian Cup 2022 Pakistan, India need a cricketing bond: PCB Chairman Ramiz Raja Madhuri Dixit shares quirky dance reel that many women will relate with Samantha Ruth Prabhu files defamation cases against YouTube channels Leaked 'Salaar' video triggers negative reaction among fans T20 World Cup : Hardik Pandya should be ready to bowl when India play first game, says Rohit Sharma Abhishek Bachchan, Amit Sadh to face off in new season of 'Breathe'

 

Punjab To Amend Industrial Policy To Avail Incentives Through Gst Formula Extension

Gives Go Ahead To Amend (FRBM) Act, 2003 To Avail Benefit Of Additional Central Borrowing

Web Admin

Web Admin

5 Dariya News

Chandigarh , 19 Feb 2021

To promote post-Covid industrial revival and attract greater investment, the Punjab Cabinet led by Captain Amarinder Singh on Friday gave approval to amend the Industrial & Business Development Policy, 2017, for extension of GST formula for availing incentives under the said policy till October 17, 2022.The move is also prompted by feedback/suggestions from certain industry associations for extending the last date of claiming the GST incentive, given in the notification dated October 17, 2018, and make this last date as coterminous till the expiry of the Industrial Policy of the state.The fiscal incentive under the present Policy was only applicable for investment proposals received by March 31, 2020 on the Invest Punjab Business First Portal. With the Cabinet decision, the GST Formula notified vide notification no. 4888 dated October 17, 2018 shall be extended for availing incentive under Industrial & Business Development Policy, 2017 till October 17, 2022 (i.e. till the applicability of Industrial & Business Development Policy, 2017).Notably, the Industrial and Business Development Policy-2017 was formulated and notified on October 17, 2017 to provide the incentive of investment subsidy by way of reimbursement of net SGST. This formula for the calculation of the incentive was approved by the Cabinet on October 17, 2018 and notified on the same day. Thereafter, an amendment was issued on March 7, 2019.

(FRBM) ACT 2003 TO BE AMENDED FOR ADDITIONAL BORROWING

To avail the benefit of additional borrowing of 2% of Gross State Domestic Product (GSDP)  in 2020-21, the Cabinet also gave approval to amend Section 4, in Sub-Section (2), for Clause (a) of the Punjab Fiscal Responsibility and Budget Management (FRBM) Act, 2003.Notably, the Government of India has allowed 2% of GSDP, of which 1% shall be unconditional and remaining 1% shall be conditional to specific reforms.It may be recalled that in view of the Covid pandemic, the Government of India had decided to provide relaxation in borrowing limits by increasing an additional borrowing limit of upto 2% of GSDP for the year 2020-21 subject to implementation of specific state level reforms as well as amendment of state’s FRBM legislation for the year 2020-21 to this effect. Of this 2%, 0.5% was unconditional and the remaining 1.5% was conditional in respect of reforms viz; implementation of one nation one ration card system; ease of doing business reforms; urban local body/utility reforms and power sector reforms. The weight-age of each reform would be 0.25% of GSDP totalling to 1%. The remaining borrowing limit of 0.50% was to be conditional to undertaking of at least 3 out of the above named reforms.To compensate the shortfall arising out of GST implementation, the GoI had offered two borrowing Option-I and II to the States, of which, the Punjab state had opted Option-I.Option-I has given permission to the states to borrow the final instalment of 0.5% (originally intended as a bonus for completing at least three of the four specified reforms) even without meeting the pre-conditions. Thus, Punjab has been allowed 1% unconditional additional borrowing limit in place of 0.5% out of the 2% additional borrowing limit allowed earlier. The remaining 1% additional borrowing limit shall be conditional to above mentioned reforms. Therefore, the state is required to amend its Fiscal Responsibility and Budget Management Act, 2003.

 

Tags: Captain Amarinder Singh , Amarinder Singh , Punjab Pradesh Congress Committee , Congress , Punjab Congress , Chandigarh , Chief Minister of Punjab , Punjab Government , Government of Punjab , Cabinet Decision Punjab , FRBM

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2021 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD