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Tag: SGST Incentives

Industry May Have Choice Between NET & SGST Incentives In Punjab

Mar. 06 Economy Comments

[Chd,Pb]Industry May Have Choice Between NET & SGST Incentives In Punjab
Punjab Cabinet on Wednesday approved an amendment to the GST incentives notified under the Industrial and Business Development Policy 2017, to enable industrial units to choose between Net GST incentives or incentivized SGST on intra state sale.
The cabinet, at its meeting chaired by Chief Minister Captain Amarinder Singh, decided that the amendment would allow units which have filed their common application form on the Invest Punjab Business First portal between October 17, 2017 and October 17, 2018 (both days inclusive) would have the one-time option to opt either for Net GST incentives as per department notification issued on 17-10-2018 or incentivized SGST on intra state sale. Such units shall be allowed to exercise this option within 90 days from the date of the notification.
It may be recalled that the net SGST formula for incentive announced in the new Industrial Policy 2017 was approved by the Cabinet during its earlier meeting on October 17, 2018. However, feedback and suggestions were received from industry, which wanted a change in net SGST incentive in line with the original notification issued on October 17, 2017.

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