Back
THE SIKKIM INDUSTRIAL PROMOTION & INCENTIVE (AMENDMENT) ACT, 2007
THE SIKKIM INDUSTRIAL PROMOTION & INCENTIVE (AMENDMENT) ACT, 2007
(Act No. 11 of 2007)
AN ACT Further to amend the Sikkim Industrial Promotion and Incentive Act 2000
BE it enacted by the Legislature of Sikkim in the Fifty-eight Year of the Republic of India as follows:
Short title and commencement.
1. (1) This Act may be called the Sikkim Industrial Promotion and Incentive (Amendment) Act, 2007.
(2) It shall come into force at once.
Amendment of Section 6 A
2. In the Sikkim Industrial Promotion and Incentive Act 2000 (hereinafter referred to as the said Act ) Section 6 A shall be renumbered as subsection (1) of that section and after that sub-section (1) as so renumbered, the following sub-section shall be inserted, namely :-
(2) “Where an Industrial unit already enjoying a Central Investment Subsidy’” shall not be eligible to claim State Investment Subsidy under the Act.
Amendment of Section 8
3. In the said Act, in sub-section (2) of Section 8, after the words “Thrust Areas”, the words and figure “subject to maximum of Rs.2 lakhs (Rupees two lakhs) shall be inserted.
Amendment of Section 12 (A)
4. In the said Act, for the existing Section 12 A the following section shall be substituted, namely:-
“12A(1) “The Value Added Tax (VAT) payable by an Industrial Unit shall be deferred for a period of 10 (ten) years and for a period of 12 (twelve) years for notified thrust industries from the date of commencement of actual commercial production. These industrial units will be permitted to collect VAT and roll it back as working capital for the entire period of deferment as the case may be. At the end of the deferment period, the VAT collected will have to be remitted to the Government Account in four half yearly installments. In case of those units which are already enjoying the sales tax exemption the same will be converted into VAT deferral scheme as above for the remaining periods of their exemption as the case may be.”
(2) The levy of State Excise Duty and Sales Tax on units manufacturing alcoholic/beer products shall be governed by such notification as may be issued by the State Government from time to time.
(2) Central Sales Tax shall not be exempted.
