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India By State - Uttarakhand - Taxation & Legalities




Taxation & Legalities

Taxation & Legalities

Policies & Incentives

New state industrial policy 2003

The purpose of this policy was to provide a comprehensive, investor-friendly environment for rapid and sustainable industrial development and to generate additional employment opportunities and increasing the state domestic product. The policy aims to promote public private partnerships in development and management of infrastructure projects such as:

  • Industrial Estates and Growth Centres
  • IIDCs, Special Economic and Commodity Zones and Parks
  • Theme parks, tourism infrastructure, development of new tourist destinations, airports/ helipads/ airstrips, roads, and power projects

The state has made it a priority not to forget about the smaller scale industries and so have made it a new focus to promote cottage, Khandi and village industries, handicrafts and handloom sectors.

Tourism Policy

The tourism policy was instated with the aim of making the state of Uttarakhand as one of the leading tourist destinations in the world. The policy aims to develop the manifold tourism related resources of the state in an eco-friendly manner, with the active participation of the private sector and the local host communities and to develop tourism as a major source of employment and income/revenue generator also to act as a pivot of the economic and social development in the state.

Information technology Policy

The information technology policy was put in to action to encourage the use of information technology in the government not only as a tool for management and decision support systems but also to re-engineer the processes of the government to provide a more efficient, transparent, accountable and responsive government to its citizens.

Along with this the aim of the policy is to upgrade the quality of life of citizens of the state by facilitating easy access to consumer applications of Information Technology and upgrade and develop manpower skills required for the information technology industry. To further increase employability in this sector the policy encourages rapid development of the use of Information technology in schools, colleges and other educational institutions providing skills for the youth as to render them fit for employability in the industry.

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State level Incentives

The state has introduced an incentive system to encourage businesses to operate in the state.

 

India

Capital investment subsidy 15% central capital investment aid up to a minimum of US$ 73,170 for the establishment of new industrial units and for the purchase of equipment and machinery for significant improvement in existing units
Interest subsidy
  • 3% annual relief on loans to new SSI units and SSI units expanding at least 25% provided the loan is availed from state level financial institutions or banks operating in Uttarakhand and have not defaulted in principal or interest payments.
  • 5% waiver on annual interests on loans on SSI units and units notified as thrust industries being set up in remote areas.
Land subsidy Stamp duty concessions to be provided in respect of land in specialized commodity parks, including IT parks.
Registration of patents and other risk big pack 75% of the cost (subject to a maximum of US$ 4,878) for registering patents shall be reimbursed
Power Subsidy No restriction in the state in using power during the peak hours
Other concessions
  • 75% of the cost (subject to a maximum of US$ 4,878) for registering patents shall be reimbursed
  • Power Subsidy No restriction in the state in using power during the peak hours
  • A 100% relief in the State Excise Duty for a period of ten years
  • A 100% relief in Income Tax for the first five years, and thereafter a 30% relief to companies and 25% relief for others
  • CST @ 1% for 5 years
  • Exemption from entry tax on plant and machinery for setting up industry, undertaking substantial expansion and modernisation
  • 100% exemption on entertainment tax for Multiplex projects for a period of 3 years
  • 100% exemption on entertainment tax on Amusement parks and Ropeways for a period of 5 years
  • 75% of the total expenditure incurred in obtaining national/international quality marks to be reimbursed
  • 50% of the cost incurred in installing pollution control equipments to be reimbursed
  • Matching State subsidy on approved projects of National Horticulture Board (NHB), Agricultural and Processed Food Products Export Development Authority (APEDA), National Medicinal Plant Board (NMPB)

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Doing business in Uttarakhand

The state of Uttarakhand has been seen as an attractive investment prospect, the evidently expanding infrastructure as a result of the policies installed by the state government make the state very appealing to outside businesses.

The presence of abundant natural resources such as numerous water bodies, ideal for hydro power generation, and ample irrigation in favourable geographical and climatic condition make it ideal for agro based industries.

The states close proximity to NCR makes one of the nations leading markets easily accessible from Uttarakhand. Uttarakhand also has excellent connectivity with all its neighbouring states making trade between the states relatively easy.

The large variety of benefits offered by the state in terms of tax exemptions, reimbursement on loans plus many others have been introduced to make the state of Uttarakhand an easy place for new businesses to come and start up. Along with the proactive governance the state is a very attractive prospect for any company looking for an investment.

The high literacy rates in the state make the population very employable and increases the availability of highly talented individuals. Being home to some of the leading educational institutions in the country makes Uttarakhand the home of an increasing amount of well educated and skilled youths.

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List of approvals and Clearance Required

Departments to be Consulted

Prior to setting up the unit
Registration Industries Department
Allotment of land/ shed Uttarakhand Industrial development department Ltd/Uttar Pradesh state Industrial development department Ltd/Industry Division, Uttarakhand
Power load approval for construction load Uttarakhand state electricity Department
Approval for construction of building activity under factories act Labour department
No objection Certificate Department of fire
Provisional Trade Tax Registrations Central and State Excise Departments
Registration under central sales Tax act Central and State Excise Departments
Before Commencement of Production
Environmental clearances Uttarakhand Environment protection and pollution control board
No objection certificate Department of fire
Permanent Trade tax Registration Permanent Trade Tax registration
Registration under central sales Tax Act 1956/td> Central and state excise departments

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More Information on Uttarakhand

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