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India By State - Tripura - Taxation & Legalities




Taxation & Legalities

Policies & Incentives

Tripura Industrial Investment Promotion Policy, 2007

The policy aims to make Tripura a preferred destination for industrial and trade activities. The key focus of the policy is:

  • To facilitate investment targeted in the existing industrial and trade locations on immediate basis and in those locations likely to develop in the short-term; and planning for potential locations in the long-term. Integration of basic and supportive infrastructure together with industry and trade-specific infrastructure.
  • To ensure sustainable economic growth based on locally available opportunities and natural resources, with focus on viability and maximum value addition. Also, to capitalise on promising locations for boosting trade through the state.
  • To promote industrial and business ventures through incentives and supportive financial measures. Offsetting limitations faced by investors and capacity-building through entrepreneurial and technical-skills training and promoting self-employment.
  • To build investor convenience resulting from appropriate restructuring within the Industries and Commerce Department, in line with changing demands of the industries.
  • To broad-base support systems, primarily through public sector undertakings and societies under the Industries and Commerce Department and other designated agencies.

Incentives and Concessions:

  • Capital investment subsidy of 30 per cent and additional subsidy at 2.5 per cent on fixed capital investment, for land and civil works (subject to a ceiling of US$ 0.1 million per unit) for enterprises belonging to women and individuals of the scheduled castes and scheduled tribes.
  • Reimbursement of commodity tax for five years, subject to a ceiling of US$ 0.1 million.
  • Procurement preference of 15 per cent on purchases by the government.
  • Interest subsidy of 3 per cent on term loans
  • Reimbursement of power charges for a period of five years on an annual tapering basis, with a maximum of US$ 0.03 million per enterprise.
  • 10 per cent state transport subsidy for a period of five years in line with central transport subsidy.

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North East Industrial Investment Promotion Policy (NEIIPP), 2007

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.

IT Policy Tripura, 2000

The IT policy was introduced in 2000 to facilitate the growth of the IT industry in Tripura.

The main focus points of the policy are:

  • Development of human resource for IT by adopting IT education in educational institutions of Tripura.
  • Promotion of electronic governance through the setting up of information facilitation counters (IFCs) and hosting of websites for efficient and effective delivery of government services, improved revenue collections, better financial management, greater dissemination of information on government functions.
  • Positioning the state as an attractive location for investment by domestic and international companies by providing attractive incentive packages, with an objective to create employment in the state through IT industries.

Key Incentives:

  • The IT/software industry will be exempt from the provisions of certain acts/regulations, such as Pollution Control Act, Factories Act and Contract Labour(Regulation) Act to facilitate easy setting up of software units.
  • IT Parks will be created by the Department of Industries and Commerce (DoIC), which will have all basic infrastructural facilities including uninterrupted power supply. If an IT company wants to set up its own captive-power generation unit, no permission would be required from any agency for diesel generator sets up to 50 kilo volt ampere (KVA).
  • The land may be allotted in the designated DoICareas at concessional rates for IT units, subject to a minimum employment guarantee of 20 persons from the state.
  • The Government of Tripura will give the same status to the sector of IT-enabled services as is given to the software development sector.

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Tripura state Bamboo Policy, 2001

The bamboo policy was introduced to realise the economic, social and environmental potential of the bamboo resource of Tripura, develop it into one of the major economic sectors of the state, and provide employment and income generating activities for the tribal and rural poor. Key Features:

  • Development and implementation of a sustainable community-based production model with benefits for forest conservation.
  • Development and implementation of an economic development program using bamboo for spurring industrial development.
  • Enhancing employment and income generating opportunities for the tribal population and rural-poor, using bamboo as the prime resource.
  • Conserving the bio-diversity of resource base
  • Establishing bamboo industrial products as an economically successful new industrial sector. This includes developing small scale industries (SSI) and also medium-scale operations based on bamboo viz., mat boards, laminates, ply, flooring, shoot-processing and others by the International Network for Bamboo and Rattan (INBAR)-Tripura Bamboo Mission. Smaller industries would be promoted at the community level for production of chopsticks, incense sticks and baskets.
  • Developing the necessary market-mechanism with support for promoting and marketing finished products.
  • Popularising bamboo as a cost-effective and earthquake-resistant building material for the housing sector in the state, which lies in one of the highly active seismic zones of the country.

Tripura medicinal plant policy,

To develop the medicinal plant sector such that the state becomes a leading grower of all medicinal plants, which occur under the climatic and natural factors of the state.

Key features:

  • Survey and preparation of inventory of resources of medicinal plants in the state.
  • Assistance and support to private sector by providing incentive packages and identifying market opportunities. Training on cultivation aspects such as harvesting, grading and storage shall be an important aspect of the support.
  • Research support for large scale production of quality planting-material through biotechnology interventions.
  • Marketing assistance: The marketing strategy shall involve close interaction with pharmaceutical industry to develop specific market linkages for the products and setting up infrastructure facilities such as quality testing laboratory, collection centres with facilities for drying, grading, packaging and storage.

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More Information on Tripura

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