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June 26, 2001
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Money > Business Headlines > Report June 26, 2001 |
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Maharashtra okays sops for 53 industrial townshipsBS Regional Bureau The Maharashtra government on Monday decided to promote 53 industrial townships in the state by clearing backlogs in incentive payments (Rs 7 billion), reducing the tax burden and issuing no objections certificates to set up captive power plants. In a late evening meeting attended by chief minister Vilasrao Deshmukh, industries minister Patangrao Kadam and deputy chief minister Chaggan Bhujbal, it was decided to convert the Thane-Belapur industrial zone, covering 2,500 hectares of land, into the first industrial township. A senior government official said: "The 53 industrial townships include the Marol industrial region and the Wagle Estate region in Thane city. The government has decided to go in for two bonds issues of Rs 2.50 billion each and utilise the budgetary provision of Rs 420 million for clearing the Rs 7 billion backlog in incentive disbursements that have been pending for several years to industry." New as well as existing industries in backward regions of the state falling under the category of D+ and D regions would have the option to go in for captive power so that they are able to benefit from uninterrupted and a reliable power source. Most of the existing townships, that at present end up paying taxes to more than one agency such as the municipal corporation in the form of octroi and property tax, and to the Maharashtra Industrial Development Corporation as service tax, would benefit from a new revenue sharing formula if they are transformed into one of the 53 industrial townships. The official said: "The problem relates to the fact that much of the revenue collected from the industrial townships by municipal corporations does not go towards upgrading the infrastructure of the region." As per the new revenue sharing formula, if a township was paying around Rs 100 as tax then it would now only be required to pay Rs 60 towards the infrastructural development of the surrounding region and utilise Rs 40 towards for the region's development. "If the township is able to divert less than the Rs 40 for its own infrastructural growth they need to spend only as much which will bring the incidence of tax down for them," the official added. Powered by YOU MAY ALSO WANT TO READ:
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