It seeks Chief Minister's support to boost entrepreneurship
Goa State Industries Association (GSIA), as a representative body of Micro, Small and Medium Industries in Goa, on Friday submitted pre-budget proposals to Chief Minister Manohar Parrikar seeking exemption of entry tax on raw materials and imports used in the manufacture of goods to Small Scale Industries (SSIs) irrespective of their annual turnover. Mr. Parrikar will present the State Budget for 2012-13 next week.
GSIA has recalled with appreciation the efforts of Mr. Parrikar, in the past, as Chief Minister of the State in providing good support and encouragement for growth of MSME sector in Goa and sought his support to re-invigorate the spirit of entrepreneurship in Goa which has taken a beating in the last few years.
One of the important tax proposals that GSIA has submitted was for the extension of Goa Value Added Tax Deferment-cum-Net Asset Compulsory Payment Scheme, 2005, commonly known as NPV Scheme, for a further period of two years.
Making out a case for extension, GSIA president Shekhar Sardesai said that due to introduction of Goa VAT Act, 2005, many industries which established in Goa in the late 90s and early 2000 on the promise of complete exemption of Sales Tax for 15 years lost the benefit of tax exemption to which they were entitled.
As the present economic slowdown has placed the industries in financial hardship, GSIA has sought the help of the Government to provide relief by way of extension of NPV Scheme for a further period of two years.
Other suggestions of GSIA include removal of Input Tax Credit on capital goods used in the manufacture of energy/power including captive power, which is presently available under CENVAT Credit Rules 2004 but not under VAT, creation of Industrial Promotion Board with representatives of State industry promotion agencies and industry bodies to facilitate a Single Window Clearance for proactive investment in environment-friendly industries like light engineering, pharmaceuticals, biotechnology, food processing etc., extension of industrial promotion schemes to existing as well as new units, expediting Bio Incubator Project, generation of entrepreneurs for biotechnology, water harvesting and back-up power at State industrial estates.
GSIA seeks exemption of entry tax on raw materials used by the SSIs It wants the NPV Scheme to be extended for a further period of two years
GSIA seeks exemption of entry tax on raw materials used by the SSIs
It wants the NPV Scheme to be extended for a further period of two years