Economic Relief to Commerce and Industry Sectors
INVC NEWS New Delhi Economic relief is being provided to the industry and commerce sector in the form of special tax rates, exemptions, rebates, deductions, deferrals, credits etc. Relief to industries from direct tax is provided through measures like accelerated depreciation, deduction /weighted deduction for expenditure on scientific research, on schemes for the social and economic uplift of the public, to charitable trusts and institutions, for undertakings engaged in development of infrastructure facilities, development of SEZs and Industrial parks, providing telecommunication services, generation, transmission and distribution of power, revival of power plant, production of mineral oil and natural gas, housing projects, operating a cold chain facility, business of handling, storage and transportation of food grains, processing, preservation and packaging of fruits and vegetables, hospitals in rural hospitals, collecting and processing of bio-degradable waste, employment of new workmen, offshore banking units etc. Relief is also provided for industrial undertakings located in Jammu & Kashmir, North Eastern States, Sikkim, Uttaranchal, Himachal Pradesh and other industrially backward districts. Excise and custom duty relief is provided to all major industrial sectors including crude oil, machinery, edible oils, diamond & gold, primary metals, chemical, plastics, textiles, fertilizers etc among others. Various export promotion schemes including the Duty Free Entitlement Credit Certificate, Target Plus, VisheshKrishi and Gram UdyogYojana, Focus Market/Product, other exemption or input tax neutralization provide relief to exporters. Economic relief are provided in accordance with certain policy priorities of the government and to achieve targeted outcomes. The objectives include inter alia encouraging savings and capital investment in the economy, balanced regional development, promoting social equity, creation of infrastructure facilities, employment generation, rural development, industrial development, promoting skill development and entrepreneurship, research and development, cooperative sector, domestic manufacturing and provide a level playing field for Indian exports in the international markets. Relief is also provided in an area based approach to promote industry and commerce in identified backward areas. This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Nirmala Sitharaman.