Published On : Sun, Apr 26th, 2020

Industrial Incentives will stay even after COVID-19—CA Julfesh Shah

In order to encourage the dispersal of industries to lesser developed areas of various State Government has been giving package of incentives to New Industrial Units / Expansion / Diversification Units set up in the developing regions of the State since long under a Scheme known as the Package Scheme of Incentives (PSI) & industries need not worry as these incentives will remain in force even after the phase of COVID-19 said CA Julfesh Shah,an expert on the subject while addressing a Webinar on Industrial Policy & Govt.

Incentives under various schemes organised by various branches of WIRC of ICAI.He further said that in Maharashtra,the Package Scheme of Incentives, introduced in 1964, has been amended from time to time &
the Scheme as amended last is commonly known as the “Package Scheme of Incentives-2019 (PSI-2019) and is operative since the 1st April, 2019 to ensure sustained industrial growth through various innovative initiatives so as to further improve the conducive industrial climate in the state & to provide global competitive edge to the industries.

Mr.Shah covered various aspects of the Industrial Policy & Package Scheme of Incentives–2019 viz it’s applicability,period of operation,categories of eligible units covered under the scheme,classification of areas on the basis of their industrial development,various definitions incorporated in the scheme etc.He said that for Vidarbha & Marathwada areas for MSMEs new units,80 % of the total Fixed Capital Investment (FCI) will qualify as the eligible amount for availing basket of incentives which can be availed in 10 years with yearly cap.For the purpose of this policy MSME shall include units as per the MSMED Act 2006 as well as the units with FCI of upto Rs 50 crores.

CA Julfesh Shah also remarked that the the total quantum for the food & agro processing units will be additional 20% over & above the stipulated quantum of incentives.He also shared his views on the incentives for expansion or diversification of the unit.He also covered the procedure for filing the various claims like Industrial Promotion Subsidy(IPS) in the form of SGST Refund,it’s modus operandi ,filing of interest subsidy claim, power tariff claim,etc.He also briefed about the incentives offered for Large Scale Industries,Special LSIs & mega projects.

He explained that proper planning & documentation is necessary for availing the maximum benefits.A question answer session was also conducted in the webinar.Chartered Accountants from various parts of the Maharashtra attended the webinar in large numbers.CA.Vipul.Patel Chairman Amravati Branch made the introductory remarks & CA Sunil Salampuria proposed vote of thanks.Prominently present in the webinar were CA Jalaj Baheti,CA Rajesh Agrawal,CA Rohan Andhale,CA Bipin Shah,CA Kirit Kalyani,CA.Prakash Warde,CA Piyush Chandak,CA Vinod Tambi,CA G.B.Modi,CA Sandip Jotwani,CA Navin Bhojwani & large number of CAs.