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GOVT. IDENTIFIES SECTORS FOR TAX SOPS

Why in news?

The government has identified close to a dozen sectors, ranging from capital goods, defence, pharma and electronics to labour-intensive ones such as textiles and food where it is considering proposals for tax concessions.

It is also pushing for land and procedural reforms to attract investment as part of a goal to be self-sufficient.

Details

  • The government is keen to tap parts of the global supply chain that may want to relocate from China.
  • Department for Promotion of Industry and Internal Trade (DPIIT) has made suggestions regarding creation of manufacturing clusters and new models for land leasing and “plug-and-play” facilities to enable businesses to simply invest and begin operations quickly.
  • DPIIT has also proposed a tax holiday for sectors, and tax benefits for labour-intensive sectors such as food processing and leather.
Aimed at benig Self Sufficient Sectors for Tax SOPS

DPIIT

  • The Department for Promotion of Industry and Internal Trade (DPIIT) is a central government department under the Ministry of Commerce and Industry.
  • It is responsible for formulation and implementation of promotional and developmental measures for growth of the industrial sector, keeping in view the national priorities and socio-economic objectives.

-Source: Times of India

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September 2022
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