Punjab Approves Amendment to GST Incentives to Boost Industrial Development

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In a move to boost industrial development in the state, the Punjab Cabinet on Wednesday approved an amendment to the Goods and Services Tax (GST) incentives notified under the Industrial and Business Development Policy 2017. The amendment enables industrial units to choose between net GST incentives or incentivised State Goods and Services Tax (SGST) on intra state sale, a government statement said.

It gives 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) the one-time option to opt for either Net GST incentives or incentivised SGST on intra-state sales. The option can be availed within 90 days from the date of the notification. The incentivised SGST to be considered for reimbursement would mean that the eligible unit will be entitled to get reimbursement of SGST amount paid through cash ledger against the output liability of SGST on sale of eligible products. The meeting was chaired by Chief Minister Amarinder Singh.

Read more at: https://www.india.com/business/punjab-cabinet-approves-amendment-to-gst-incentives-to-boost-industrial-development-3596751/