Industry & Economy
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Industry Associations
Cos want 10-year excise sop for new industrial units in Kutch
Richa Mishra
K.R. Srivats
New Delhi
,
Feb. 24
A SECTION of the corporate sector has called for a 10-year excise holiday on new industrial units being set up in the earthquake-hit Kutch district of Gujarat. Besides, they are also looking for a host of incentives that have been offered to units set up in Himachal Pradesh, Uttranchal and the North-Eastern States.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has also sought from the Finance Ministry a capital investment subsidy at the rate of 15 per cent of investment in plant and machinery, subject to a ceiling of Rs 30 lakh.
Further, the chamber has pitched for 100 per cent income-tax exemption for the first five years and 30 per cent exemption for the next five years in the case of new industries in Kutch district.
According to a FICCI official, the Kutch district should be declared as "most difficult area" to become eligible for Central and State incentives under various schemes.
The chamber has also made a case for extending the last date of commencing commercial production for availing the current five-year excise exemption to March 31, 2006.
The Finance Ministry had recently extended the last date of commencement of commercial production from July 31, 2004 to December 31, 2004. New units in Kutch district, that commence commercial production before December, are now eligible to avail themselves of a five-year excise holiday.
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