In order to promote and encourage industrialists and businessman of the state, Punjab government has stated that it will come up with a new policy under “Make in Punjab” to encourage the local industry thereby providing incentives for its growth. The state government is committed to attract the setting up of new industries on one hand and revive the existing units on the other. “The sole aim is to provide congenial atmosphere, liberal policies and online facilities to the entrepreneurs for overall progress of the Punjab as well as generating job opportunities for youth.”
Punjab government has empowered the industrialists’ associations to develop and maintain existing focal points. Under new policy, Special Purpose Vehicles (SPV) would be set up in each industrial area by January 1st. The SPVs would collect the taxes from the industrial units and spend it on the development of industrial areas. This unique mechanism will certainly help in eliminating the various problems regarding provisioning of basic amenities and other facilities in focal points.
Punjab government has assented to the demands of businessmen and announced that under existing labour rules, payments to the industrial labour through cheques would be deferred by December 31 and alternative arrangements would be made in consultations with the labour department. In order to redress their genuine grievances, the government has asked the excise and industry departments to constitute an advisory committee of small scale manufacturers in order to get their valuable suggestions. Providing big relief to the industrialists the state government has announced that the excise department would now scrutinise assessment cases of tax payers pertaining to the last three years instead of five years and if any tax payer found at fault then scrutiny of five years taxes would be implemented. With a view to provide online facilities and solutions to the queries of the tax payers, the state government has asked the industrialists to upload their email ids on the departmental web portal. This will allow the government to deliver the information and respond to their issues effectively and efficiently.
Punjab government has also declared to provide VAT retention and power incentives even for expansion of existing units under new industrial policy. The State government has stated that it is formulating a new power policy in which existing units would also get cheaper power which is below Rs 5 per unit, keeping in view their present consumption. The state government has also advised the small scale entrepreneurs to pay lump-sum taxes by adopting “Rahat Scheme” that had already been implemented for the traders to end ‘Inspector Raj’ across the state. The main aim behind the new scheme is to simplify the procedure of trade and business in the state.