GUWAHATI: Ahead of its ambitious Global Investors' Summit scheduled for next month in the capital city, the state executive on Friday rolled out a number of tax repayment schemes tailored to suit into the GST regime to woo investors in various sectors.
State finance minister Himanta Biswa Sarma while saying the schemes mentioned, "In the set of new incentives, we have for the first time come up with a scheme where proportionate investment in land for factory building and for hotel or resort building will now be included in the fixed capital investment of the new units."
In order to advertise tourism, Sarma announced 100% tax repayment to resorts and hotels above two star and river cruise for 15 years, matter to acceptable financial ceiling. The current tax exemption was restricted to room hire most effective but now it could lengthen to food and other services.
The new scheme has incorporated energy generation through renewable supply below the fixed capital investment. The limit of tax exemption for medium and big gadgets has been greater from 100% to 150% of fixed capital investment whereas mega gadgets tax exemption is proposed with the maximum ceiling of 200% of fixed capital investment.
The world investor summit can be inaugurated by way of Prime minister, Narendra Modi on February three, which sarma claimed will see massive waft of investment. "There is renewed interest in Assam across the world," he mentioned.
He mentioned, "Kishore Biyani chief executive officer of Future Group visited Assam on Thursday. There is investment proposal from Mahindra group. We have received a proposal for maritime university it is an Rs 300-crore proposal, Manmohan Shetty has proposed to set up amusement park besides Apollo hospitals is keen to bring its chain here. Several MOUs will signed during the summit."
Sarma mentioned, "GST has brought a structural change in the entire indirect tax system of the country. At the time of transition of the GST regime, there were many eligible units which were operating in the state and enjoying tax exemptions/remissions under the industrial and investment policy of Assam or under policy of 2014 and the respective tax exemption schemes framed under or under the special notifications issued by the state government granting customised tax incentives under the said policies".
The scheme announced that tax repayment will likely be available to the gadgets at the date of transition to GST as well as to new gadgets/expansion gadgets arrange after July 1, 2017 during GST regime but upto December 31, 2022.
Sarma mentioned, "Any investment above Rs 100 crore will be considered mega investment. This new policy will result in loss of Rs 450 crore annually."
Sarma added that eligible gadgets will likely be entitled to tax repayment of SGST portion paid in money after adjustment of SGST input tax credit as well as IGST credit.
Sarma mentioned that Assam is the primary state to get a hold of such scheme below GST regime. "Jammu and Kashmir has announced the intent to do so however it is yet to come up with notification."
State finance minister Himanta Biswa Sarma while saying the schemes mentioned, "In the set of new incentives, we have for the first time come up with a scheme where proportionate investment in land for factory building and for hotel or resort building will now be included in the fixed capital investment of the new units."
In order to advertise tourism, Sarma announced 100% tax repayment to resorts and hotels above two star and river cruise for 15 years, matter to acceptable financial ceiling. The current tax exemption was restricted to room hire most effective but now it could lengthen to food and other services.
The new scheme has incorporated energy generation through renewable supply below the fixed capital investment. The limit of tax exemption for medium and big gadgets has been greater from 100% to 150% of fixed capital investment whereas mega gadgets tax exemption is proposed with the maximum ceiling of 200% of fixed capital investment.
The world investor summit can be inaugurated by way of Prime minister, Narendra Modi on February three, which sarma claimed will see massive waft of investment. "There is renewed interest in Assam across the world," he mentioned.
He mentioned, "Kishore Biyani chief executive officer of Future Group visited Assam on Thursday. There is investment proposal from Mahindra group. We have received a proposal for maritime university it is an Rs 300-crore proposal, Manmohan Shetty has proposed to set up amusement park besides Apollo hospitals is keen to bring its chain here. Several MOUs will signed during the summit."
Sarma mentioned, "GST has brought a structural change in the entire indirect tax system of the country. At the time of transition of the GST regime, there were many eligible units which were operating in the state and enjoying tax exemptions/remissions under the industrial and investment policy of Assam or under policy of 2014 and the respective tax exemption schemes framed under or under the special notifications issued by the state government granting customised tax incentives under the said policies".
The scheme announced that tax repayment will likely be available to the gadgets at the date of transition to GST as well as to new gadgets/expansion gadgets arrange after July 1, 2017 during GST regime but upto December 31, 2022.
Sarma mentioned, "Any investment above Rs 100 crore will be considered mega investment. This new policy will result in loss of Rs 450 crore annually."
Sarma added that eligible gadgets will likely be entitled to tax repayment of SGST portion paid in money after adjustment of SGST input tax credit as well as IGST credit.
Sarma mentioned that Assam is the primary state to get a hold of such scheme below GST regime. "Jammu and Kashmir has announced the intent to do so however it is yet to come up with notification."
Assam govt rolls out tax schemes tailor-fit for GST regime
![Assam govt rolls out tax schemes tailor-fit for GST regime]()
Reviewed by Kailash
on
January 20, 2018
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