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India By State - Mizoram - Taxation & Legalities




Taxation & Legalities

 

Policies & Incentives

The North East Industrial and Investment Promotion Policy (NEIIPP), 2007, was implemented to promote the North East as an attractive investment destination through concessions and incentives.

The policy offers many incentives for potential investors:

  • Industries under this policy are eligible for incentives for a period of 10 years from the date of commencement of production
  • All new units as well as existing units that undergo substantial expansion (a minimum of 25 per cent increase in fixed capital) and start production before 2017 would qualify for state incentives.
  • Along with the NEIPP the North East Industrial Development Finance Corporation (NeDFI) will act as the nodal agency for disbursal of subsidies.
  • 100 per cent excise duty exemption on finished products made in the North East.
  • 100 per cent income tax exemption for industrial units.
  • Capital investment subsidy increased from 15 to 30 percent for plant and machinery up to US$ 360 000 per unit. For units above US$ 360 000 and up to US$ 7.5 million, an empowered committee approves. For units above US$ 7.5 million, the union cabinet approves.
  • Interest subsidy to be given at the rate of 3 per cent on working capital
  • 100 per cent reimbursement of insurance premium.

New Industrial Policy, 2000

The industrial policy was introduced to engineer growth in the state by rapid industrialization. Initiatives such as rehabilitation of sick units and the department of industries acting as a single window agency for all clearances are the key points of the policy.

The incentives on offer are:

  • All new industrial units and existing units undertaking expansion/modernisation or diversification are eligible.
  • Special preference would be given to units in identified growth areas, Export Promotion Industrial Parks (EPIP), industrial estates and other such locations.
  • Subsidies are available -on land, factory rent, manpower development, interest, power, power-line, power generation set, and transport of plant and machinery -depending on the size and location of the industrial unit.
  • State capital Investment subsidy is provided based on size, type and location of plant.
  • State sales tax shall be exemption would be given for a period of seven years from the date of commencement of production. For units in thrust areas exemption would apply for a period of 10 years.
  • Industrial units can avail the cost of getting ISO/BIS certification as per the applicable limits.
  • For 100 per cent export oriented units, and additional five per cent capital subsidy would be provided; for all other export oriented units two per cent additional capital subsidy would be given.

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Bamboo Policy, 2002

The bamboo policy was introduced in 2002 in order to give the sector a much need boost. The policy aims to promote bamboo cultivation and bamboo based industries out of Mizoram.

The key targets and initiatives of the policy:

  • To regulate bamboo exploitation in the jhum-cultivation areas.
  • To promote bamboo as a cash crop through joint forest management practices.
  • To provide environmental security for areas producing bamboo.
  • To develop 25,000 ha of bamboo plantation by 2010.
  • To establish bamboo nurseries and promote research for high yield-and strength-varieties.
  • To develop bamboo plantation in the private and joint sectors.
  • Bamboo and Rattan development institute in the state.
  • To establish state-level institutional support.

IT Policy, 2001

In an attempt to develop IT for employment generation, wealth creation and lead economic growth in the state the government established the IT policy. The key features of the policy include the aim to implement e-governance and citizen facilitation to provide better services, making the Department of Information Technology Committee (DITC) to a single window clearance for all incentives.

The incentives and concessions on offer include:

  • Exemption from sales tax for a period of seven years.
  • Power subsidy to be given as being provided to the other industries.
  • Exemption from getting pollution control certificate and clearance from Environment & Forest Department of Government of Mizoram.
  • The state to bear 50 per cent of the cost of obtaining quality certifications, subject to ceiling.
  • The state to subsidise up to 50 per cent of the cost of setting up non-conventional energy source or captive generation plant and power line, subject to ceiling.
  • State investment subsidy of 20 per cent on capital investment to be given, subject to ceiling.
  • Subsidy available for 30 per cent of the rent payable, subject to ceiling.
  • Subsidy of 25 per cent to be given on hotline/leased line connection to the unit, subject to ceiling.
  • Subsidy of 50 per cent on manpower development as well as movement of plant and machinery.
  • Additional five per cent subsidy on capital investment provided for export oriented units and two per cent for other units, subject to ceiling levels.

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Doing Business in Mizoram

Approvals and clearances required

Department

Incorporation of the company Registrar of companies
Registration, IndustrialEntrepreneurs Memorandum (IEM), industrial licences Department of Industries
Permission for land use Department of Industries
Allotment of land Department of Industries
Site environmental approval Mizoram Pollution Control Board
No objection certificate and consent under Water and Pollution Control Act Mizoram Pollution Control Board
Registration under States Sales Tax Act and Central and State Excise Act Excise department
Commercial taxes Excise department
Sanction of power Power & Electricity Department
Power feasibility Power & Electricity Department
Power connection Power & Electricity Department
Approval for construction activity and building plan Public Works Department
Water and sewerage clearance Public Health and Engineering Department

Source: Team Orissa and Directorate of Industries, Orissa

Cost of setting up business

Cost parameter

Cost Estimate

Source

Land (per acre) US$ 70,000 (Aizawl) NeDFIDatabase
Hotel room rent US$ 10 to U$22 per room per night Tourist lodge in the state
Cost of office space (2,000 sq ft) US$ 100 to US$ 200 per month Property dealers
Residential space (2,000 sq ft) US$ 60 to US$100 per month Property dealers

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More Information on Mizoram

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