The government of Gujarat issues Aatmanirbhar Gujarat Scheme for assistance to Large Industries - 8th October 2022

The government of Gujarat issues Aatmanirbhar Gujarat Scheme for assistance to Large Industries - 8th October 2022

• Karma
• October 11 09:48:23, 2022

The government of Gujarat issues Aatmanirbhar Gujarat Scheme for assistance to Large Industries

 

Contents News/Article  Date:  8^th October 2022

Relating to which  Act: The Factories Act 1948,    The Companies Act, 2013;     The MSME Act, 2006 

Type:  The Government of Gujarat on October 05, 2022, issued the Aatmanirbhar Gujarat Scheme for assistance to Large Industries.   [Notification No. MIS-102022-1271(2)-1]

Pertains to    All Investors and factory owners across States -  This scheme will provide incentives to attract increased investments in the manufacturing sector to create more employment opportunities in Gujarat.                     

Relevance of this news:  Karma Management Global Consulting Solutions Pvt. Ltd has been in the business of  Payroll, Outsourcing, and Regulatory Compliances since its inception in 2004 since then, it has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing On-boarding Management, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.

The Government of Gujarat on October 05, 2022, issued the Aatmanirbhar Gujarat Scheme for assistance to Large Industries. This scheme will provide incentives to attract increased investments in the manufacturing sector to create more employment opportunities in Gujarat. It will go on to strengthen the overall ecosystem in the State and help achieve the larger goal of an Aatmanirbhar Gujarat for Aatmanirbhar Bharat.

This scheme will come into force from October 05, 2022, to April 04, 2027, and it will be operative for 5 years.

CAPITAL INVESTMENT  means an expenditure to acquire, lease, or improve property that is used in operating a business, including land, buildings, machinery, and fixtures.

FAMILY OF INVESTMENT COMPANIES  means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority-owned subsidiaries of the same parent or because one investment adviser is a majority-owned subsidiary of the other).

Karma Global does a lot of factory compliance work in Gujarat for all types of factories, small, medium, and large.  It attends to all its compliance work on a monthly basis including entity and vendor audits especially registrations and renewals of licenses.

Subject:   Government of Gujarat issues Aatmanirbhar Gujarat Scheme for assistance to Large Industries  

For greater details, appended below is the complete news item

 

The government of Gujarat issues Aatmanirbhar Gujarat Scheme for assistance to Large Industries

The Government of Gujarat on October 05, 2022, issued the Aatmanirbhar Gujarat Scheme for assistance to Large Industries. This scheme will provide incentives to attract increased investments in the manufacturing sector to create more employment opportunities in Gujarat. It will go on to strengthen the overall ecosystem in the State and help achieve the larger goal of an Aatmanirbhar Gujarat for Aatmanirbhar Bharat.

This scheme will come into force from October 05, 2022, to April 04, 2027, and it will be operative for 5 years.

The following points have been mentioned in the scheme-

• Under this scheme, Industrial Undertaking has been defined as a legal entity such as a company, partnership firm including LLP, society, trust, industrial cooperative society, or proprietary concern engaged or to be engaged in the manufacture, production, processing, or job work of articles.
• Under this scheme, large industrial undertaking means an industrial undertaking in which the fixed capital investment made in Plant and Machinery is higher than INR 50 crores, and for which an Industrial Entrepreneurs Memorandum has been filed or any other license or permission as prescribed by the Government of India, has been obtained.

The large industrial undertaking must have obtained acknowledgment or registration, as the case may be from The Department for Promotion of Industry and Internal Trade (DPIT).

  A micro, small or medium industrial undertaking under this scheme means an industrial undertaking that has fixed capital investment made in Plant and Machinery as per the following: 

1. Micro: Less than or equal to INR 1 crore
2. Small: More than INR 1 crore and less than or equal to INR 10 crore 
3. Medium: More than INR 10 crore and less than or equal to INR 50 crore

This scheme also defines New Industrial Unit, Thrust Sector, Industrial Complex, Existing Industrial Unit, Expansion, Diversification, Installed Capacity, Capacity, Gross Fixed Capital Investment (GFCI), Eligible Fixed Capital Investment (EFCI),  In case of breach of any one or more of the conditions of this GR, the incentives disbursed under the scheme shall be liable to be recovered as an arrear of land revenue or in any other appropriate manner the government may deem fit along with interest at the rate of 18% per annum from the date of the first availment of such incentive. Further, the non-disbursed incentive amount due to the eligible large industrial undertaking shall also be liable to be forfeited. The Land and Land development cost, Working capital, Goodwill, Royalty, and other such expenditure shall not be considered for calculating the eligible fixed capital investment.