The following are the package of incentives
offered to industries as per the new industrial policy
:-
One of the most attractive incentive
offered by Goa State Government is the 25% subsidy
on fixed capital investment limited to Rs.25.00 lakhs.
The sales tax exemption facility
available to the new small scale units will be linked
to investment also as an alternative and not as a
substitute. Sales Tax exemption facility is thus available
for a period of 15 years for small scale units and
12 years for large and medium scale units or upto
sales tax liability amount equal to the capital cost
of the project which ever is reached later. The existing
Sales tax deferment schemes will also continue except
that it will be modified to operate on the same parameters
as mentioned above. The Government has decided that
the benefit of sales tax exemption is allowed upto
the last point of sale.
Electricity
and water will be supplied to customers less than
25% below the commercial tariff.
The State Government is remitting
50% of the stamp duty paid under Stamp Duty Act in
respect of bonds or mortgage deeds executed in favour
of EDC, MSFC and scheduled commercial banks and lease
deed documents in respect of allotment of plots and
sheds by GDDIDC.
Price preference at the rate of
15% on the purchase made by the Government Departments
is available to the registered small scale units with
effect from June, 1970.
Ready built industrial sheds and
plots on rental as well as purchase basis are made
available by GDDIDC to prospective SSI entrepreneurs
as well as women entrepreneurs on preferential basis.
Goa Industrial Development corporation
is offering subsidy to the extent of 50% of the cost
of preparation of feasibility studies prepare by the
Government industrial consultancy organisations.
Loans are given by the Directorate
Industries and Mines under the Goa State Aid to Industries
act. Bridge loan to the extent of 50% of the margin
is also given by Industries and Mines Department.
Subsidy upto 50% of the cost of
power generating sets (limited to a maximum of Rs.
1 lakh purchased by small scale units is given by
the State Government.
New units are totally exempted
from payment of Income Tax for the first 5 years.
The Small Industry Development
Bank of India provides concessional financial assistance
to small scale industries through its scheme of refinance
loan granted by scheduled commercial banks, Economic
Development Corporation and Maharashtra State Financial
Corporation to the extent of 90% of loans sanctioned
by financial institutions.
Seed capital or margin money loan
scheme is also operated by Small Industries Development
Bank of India through EDC and MSFC to the extent of
20% of the cost of the project depending upon the
merit of each case.
Composite loan scheme to the artisans
upto a maximum of Rs.50,000/- is operated by EDC and
MDFC for purchase of machinery and equipments as well
as for working capital requirement.
Small Industries Service Institute
has been granting 50% concession on its prescribed
charges for the various consultancy services rendered
by the Institute or the prospective and existing entrepreneurs.
50% concession is also available to the job charges
of its common facility workshop in general engineering
located at the Institute's premises of Quepem Road,
Margao.
Indigenous as well as imported
machinery have been supplied to small scale entrepreneurs
on hire purchase basis by NSIC. Being a backward area,
terms and conditions are liberalized.
Non-resident Indians can import
capital goods and raw materials without indigenous
clearance and other formalities.
With a view to give fillip to production
in the small scale sector, certain products are totally
exempted from payment of excise duty and partial relaxation
has been made for a number of products. The policy
is being reviewed from time to time
The Government hereby grants a set
of fiscal and other incentives to the software and hardware
industry, being the components of the Information Technology
Industry.
Registration: Software units which
are Export Oriented Units (EOUs) should necessarily
get a Registration from the Software Technology Park
Authority, Goa as Software Technology Parks and the
Registration shall be authorisation of availment of
fiscal incentives. Such units shall be called STP's
and shall include the Software Technology Parks of
India, Goa also.
Exemption From Payment of Sales
Tax: SPT's shall be exempted from the payment of sales
tax on purchases in Goa of all raw materials, components,
packaging materials, consumables, spares and all other
items consumed or used by it for the purpose of exports.
Such exemptions shall be availed of by submitting
a copy of the registration certification from STPAG
to the supplier of such items who shall not charge
sales tax thereon. The supplier shall give a copy
of such registration to the Assessing Authorities
upon his assessment.
Exemption from Payment of Sales
Tax on Capital Goods: STP's are exempt from the payment
of sales tax on purchases in Goa for all capital goods
used for their business. The list of capital goods
would be certified by the STP - Goa and a copy of
the same would be used for availment of this exemption.
Exemption from Entry Tax: The STP's
shall be exempt from payment of entry tax on capital
goods, on any raw material, computer parts, components,
consumables, packaging materials, spares and all other
items used by them for their business. To avail exemption,
a copy of the registration certificate from STP-Goa
shall be used as a document of evidence.
Office in Residential Areas: STP's
would be allowed to set up offices in residential
areas also.
Maintenance of Records in Electronic
Form: STP's will be allowed to maintain records under
relevant labour laws in the electronic form with the
Labour authorities. A common format will be designed
in respect of return to be filed by the units under
various labour legislations. Paper work will be reduced
drastically. The frequency of filing the return will
be reduced. Inspection under various Acts will be
on a specific complaint only.
Exemption from Tax on Sale of Software
in India: The sale of computer software, programming
and providing of computer software shall be exempt
from the payment of sales tax, entry tax and TOT and
all other like taxes in the State of Goa. The sale
of computer software and programming and providing
of computer software shall also be exempt from Inter
State Tax.
Exemption of Tax on SIL: EXIM scripts,
REP licences and SIL licences obtained by STP's and
sold by them, shall not be liable to Sales Tax, TOT,
Central Sales Tax or any other like tax levied by
the State Government in the state of Goa.
Exemption from Registration Charges:
Goa Government intends to exempt STP's from the payment
of special duty payable on registration of the Lease
Agreement, Sale Deeds, etc. The registration charges
will be nominal. Execution of Lease Agreements, Sale
Agreements by the appropriate authority will be simplified
and the powers will be substantially delegated to
the lower level officials.
Conversion permission: The proposed
Software Technology Park Authority (STPAG-A registered
society) would have the following representatives:
The Director
would have computer knowing expertise.
A representative
from Town and Country Planning Dept.
A representative
from Sales Tax Department.
A representative
from Industries Department.
A representative from Labour Department
The STPA would be authorised to grant permission with
delegated powers. In respect of Conversion, the power
would be restricted to the permission as per the ODP
and the case would be referred to the TCP Board for
ex-post facto approval. Any permission required outside
the ODP would require prior clearance of the TCP Board.
