Goa's apex industrial body has appealed the union ministry to grant tax exemption to the state which was withdrawn in March 2004.
Goa's apex industrial body has appealed the union ministry to grant tax exemption to the state which was withdrawn in March 2004. In a representation given to the Member of Parliament Shantaram Naik, which he will present to the Union finance minister Pranab Mukharjee, the Goa Chamber of Commerce and Industry has said that the centre should dole out schemes which will give impetus to the industrial growth in the state.
The Central government granted tax holiday to industry in Goa u/s 80 IB of the Income Tax Act of 1961. Under this, any new industry set up in Goa was totally exempt from income tax for the first 5 years, the GCCIs memorandum reads. For the next 5 years there was a deduction of 25 per cent on the total income tax payable. The Income Tax holiday granted to Goa was withdrawn in March 2004, it adds.
This tax holiday coupled with Sales Tax exemption and 25 per cent investment subsidy granted by the State became the main stimulator for investments in Goa, the GCCI has said. The memorandum was presented to Naik on Monday, which lists various demands which can be included in the union budget. GCCI has said that in 2001, the Central Government announced income tax and excise exemption for the Northern and North Eastern hilly states such as Himachal Pradesh as a result many good investments which should have normally come to Goa, have gone to these hilly States.
Existing industries in Goa have cancelled their expansion plans and instead have set up new units in these hilly States, shifting production of their high end products to these States. Along with principal companies, their ancillaries have also shifted to these States, it adds.The GCCI says that Goa lost out on these opportunities and therefore we request the Central Government to incorporate Goa under Special Status Category and all the benefits which are now being given to the north eastern State as well as
Himachal and Uttarachand be given to Goa State. The Industrialist process needs to be given Impetus(boost) and therefore these schemes of Central Government will help in putting Goa firmly on the Industrial Map of India, it says.
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