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MCC Chamber of Commerce & Industry said some of the recently revised incentives proposals for new industrial units by the West Bengal Government were novel. The incentives have been linked to four categorised areas of the State depending on their respective levels of industrialisation.
The chamber in a statement on Saturday said that the West Bengal’s State support for Industries Scheme, 2013, proposed a number of fresh incentives for the new units. The exemptions from stamp duty, reimbursement of land conversion fee and tax holiday on VAT return would help in attracting new investments in the State.
This the first exercise on the industrial incentives by the Trinamool-led State Government. The scheme provides more incentives for those areas, which relatively lagged most in the State.
The scheme offers tax holiday on VAT return for new units for 2 to 5 years. It proposed reimbursement of land conversion fee between 50 and 100 per cent based on categorised areas.
The Government’s proposals on stamp duty exemption on loan agreement, credit deeds, mortgage, hypothtication, lease deeds for initial period of 5 years was unique, the industry body felt. The exemption would range between 50 and 90 per cent.
>jayanta.mallick@thehindu.co.in
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