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Himachal’s start-ups to get subsidies, low interest loans under ‘Start Up’ scheme

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SHIMLA- The Himachal Pradesh Government has formulated the ‘Chief Minister’s Start up/Innovation Projects/New Industries Scheme’ to provide support to the ‘Startup ‘and ‘ Innovation projects’ in the State besides providing skills to the youth and potential investors to develop entrepreneurship.

The scheme envisages various incentives for startups so as to enable the entrepreneurs to succeed in their ventures. The scheme also makes provisions of creation of incubation centres in the host institutions in the State in order to build capacities, develop networking, establishing necessary infrastructure and generate Awareness. The information was provided by Industries Minister Mukesh Agnihotri

Marketing assistance of maximum of Rs 10 lakh would also be provided to the innovation project to launch its products in the market said by the minister. He said that in addition, the cost of filing and processing of patent application would be reimbursed to the incubated Startup Company subject to a limit of Rs 2 lakh per Indian patent awarded or actual cost incurred, whichever is less. For awarded foreign patents on a single subject matter, upto Rs 10 lakh or actual cost incurred, whichever is less would be reimbursed, he added.

Benefits Offered to Start-ups/Entrepreneurs in the State

Agnihotri claimed that financial assistance upto Rs 30 lakh for a period of three years would be provided to the selected institutions for setting up of the Incubator and other facilities.

In case government owned building is leased to an Incubator, no lease rent would be levied for a period of three years.

In case, where private premises are taken on lease,rent basis, a rent reimbursement at the rate of Rs 5 per square feet per month or 25 per cent of actual rent paid , whichever is less would be reimbursed for a period of three years.

The Startups, new industries,Innovation Projects would be eligible for grant on the cost of preparation of feasibility study/project at the rate of 75 per cent of the cost subject to maximum of Rs 1,00,000.

New startups in micro sector with an investment up to Rs 25 lakh employing at least five persons and proposing to take loan from scheduled nationalized banks or state cooperative banks would be provided interest subvention @5 per cent up to a loan of Rs 25 lakh for three years.

All the new Startup,new Industries,Innovation Projects Units to be set up in the State, would be charged stamp duty @3 per cent only on conveyance deed and lease deed from the date of notification by the Revenue Department. H

The new Startups,Industries,Innovation Projects engaged in processing of primary agriculture,horticulture or herbal produce would be exempted from payment of VAT,CST for a period of three years or till they reach a turnover of Rs. 2 crore per year, whichever is earlier.

All new industries setup in the category ”C” areas of the State would be exempted from payment of State taxes, excluding levies in the shape of cess, fees, royalties etc. for a period of seven years, he added.

Minister also said that Rs 25,000 would be provided to the Innovation Projects as sustenance allowance for one year whose project is recommended by the Host Institution and approved by the Empowerment Committee.

The Incubation Centre would provide support to the Startups and Innovation Projects by providing mentoring services, access to their labs etc. on free of cost basis.

Annual HP Entrepreneurship Awards

Minister Agnihotri said that purchase preference would be given by the State Government and Public Sector Undertaking for the products manufactured by Startups in micro and small scale categories. He said that the State Government would also institute annual Entrepreneurship Awards and three successful entrepreneurs would be awarded each year with citation and cash award.

Procedure for Application

All the innovation enterprises would be required to submit only self-certified documents online or manually and the concerned department would issue provisional registration within 15 days from submission of documents.

Download Application Form with Detailed Notifications and Guidelines Here

Misc News/Press Release

HP Vidhan Sabha Brawl: Suspension of Five Legislators Revoked

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Shimla: Himachal Pradesh Vidhan Sabha witnessed the return of five suspended legislators of the opposition as a resolution was passed revoking their suspension after six days. It’s pertinent to mention that the State Government is to table the Budget for the 2021-22 session tomorrow.

A resolution moved by Parliamentary Affairs Minister Suresh Bhardwaj for the revocation of suspension was unanimously passed on Friday, Speaker Vipin Parmar informed.

Also Read: Ugly Brawl at HP Vidhan Sabha on Budget Session’s Opening Day, Five Congress Legislators Suspended for Rest of Session

Following a brawl between Congress and BJP legislators on the opening day of the budget session, five legislators including the opposition leader Mukesh Agnihotri, Harsh Vardhan Chauhan, Stapal Raizada, Sunder Singh and Vijay Kumar were suspended as the legislators of the ruling party passed a motion alleging misbehaviour with Governor Bandaru Dattatreya. An FIR was also lodged against these legislators at the Boileauganj Police Station. 

The opposition legislators had been staging a protest outside the assembly since their suspension, terming the decision to be one-sided. 

 

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Petrol, Diesel Prices Can be Cut, But Lack of ‘Political Will’ Keeping Prices in India Highest in World: SBI Economists

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Decreasing petrol and diesel price under gst sbi ecowrap report 2021

Shimla-Petrol and Diesel prices in India could be brought under control and their price could be reduced to Rs. 75 and Rs. 68, respectively, says the SBI’s Ecowrap report released by its Economic Research Department. The Indian Government can do this simply by brining these fuels under the ambit of the Goods and Services Tax (GST), the report said.

However, according to the report, lack of political will is keeping Indian oil product prices at one of the highest in the world. This lack of will arises from the fact that Centre and States are loathe to bring crude oil products under the GST regime as Sales Tax/VAT on petroleum products is a major source of own tax revenue for them. The states, in particular, would face a loss in revenue.

However contrary to this possibility, the government had been maintaining that it doesn’t control fuel prices. On February 17, 2021, on a day when petrol crossed the ₹100 mark, Prime Minister Narendra Modi had blamed it all on the previous governments. 

The report said that one of the unfinished agendas of the current GST regime is bringing petrol and diesel under GST.

Every state has its own tax structure. The states choose to levy a combination of ad valorem tax, cess, extra VAT/Surcharge based on their needs. These taxes are imposed after taking into account the crude price, the transportation charge, the dealer commission and the flat excise duty imposed by the centre. The multiple taxes have made petroleum products prices one of the highest in the world, the report said.

share of states in petrol taxes

The base price of Rs 75 for petrol and Rs 68 for diesel has been calculated on the following assumptions: Crude price at $60/bbl, exchange rate of Rs 73 for a dollar, transportation charges of Rs 7.25 for diesel and Rs 3.82 for petrol, dealer commission of Rs 2.53 for diesel and Rs 3.67 for petrol, cess of Rs 30 for petrol and Rs 20 for diesel, GST rate at 28 per cent and petrol consumption growth rate of 10% y-o-y and 15% for diesel y-o-y.

Using all these assumptions, the researchers have found that the base price for petrol and diesel comes out to be Rs 75 and Rs. 68, respectively at pan India level. At this base price, with multiple simulations Centre and States have a revenue deviation from budget estimates by only Rs. 1 lakh crore 90.4% of the GDP) after adjusting for the increase in consumption with the intended price cut.

The report further said that a dollar increase in the crude oil prices will push up the petrol price by around 50 paisa and diesel prices by around 150 paisa and bring down the overall deviation by around Rs. 1500 crore under the suggested baseline scenario.

If this tax structure is used for the Financial year 2022, when Centre and states taxes are already so high, we see that states which have the highest rates are losing revenue if they shift to this GST regime. But this flat taxation structure brings in uniformity and as per the calculations, it brings down the burden of taxes on the common man by almost Rs. 10-30 depending on the product consumed and the state in which it is consumed, the report said.

Additionally, it benefits some states which do not drastically tax their petroleum products, like Uttar Pradesh.

“Interestingly, our simulation exercise suggests that when crude oil/bbl declines by 10 dollars, Centre and states could save close to Rs 18,000 cres, if they keep the petrol prices at baseline Rs 75 and diesel at Rs 68 and don’t pass on the benefit to consumers,” the report said.

Further, the report recommended that the Government should build up an oil price stabilization fund which can be used in bad times for compensating revenue loss by cross subsiding fund saved from good times, without hurting the consumer.

Further, since November 2020, the prices of non-subsidized cylinders have increased from Rs. 594 to Rs 819 in Delhi, a substantial increase of Rs. 255 er cylinder. The data on DBTL (Direct Benefit Transfer for LPG) indicate that the subsidy amount has sharply plunged to merely Rs. 3,363 crores in April-December 20220 period from Rs 22, 635 in Financial Year 2020. There is negligible or no difference between subsidized and non-subsized cylinder.

Price hike in lpg cylinders by sbi report

The report also said that though the government has announced to give one crore more free connections to the needy over the next two years, affordability barriers still exist. The government should focus on the affordability issue and to achieve this, the SBI researchers have suggested a set of measures.

Separately, for the LPG cylinders, the report proposed an increased and graded subsidy to provide to poor consumers which can be tapered off over a period of, say, five years. For this, the Government can create a comprehensive merged database using database of Ayushman Bharat, PM-KISAN, PMJDY, PMUY and MUDRA and then provide these people with maximum four free cylinders in a year. Even if five crore people are eligible for this then the total cost to exchequer per year will be maximum Rs 16,000 crore.

Besides, the report suggested that the Government might cancel its borrowing planed in the last two weeks of March 2021, totaling Rs. 49,000 crores.

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Foundation Stone of Shiv Dham at Mandi Laid, Will Cost Rs. 150 Crore

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Shiv Dham Mandi model

Mandi: Shiv Dham construction at Mandi would cost over Rs. 150 crores to the State. It was informed during the foundation stone laying ceremony of the Shiv Dham Phase-I to be developed at Kangnidhar. The First Phase of this project would be completed at a cost of Rs. 40 crore, the government said.

The Shiv Dham would be developed in an area of 9.5 hectares. Shiv Dham would have replicas of twelve Jyotirlingam, a statue of Lord Shiva and Ganesh, Museum, Food Court, Herbal Garden, Nakshatra Vatika, Amphi-theatre, Orientation Centre, Car Parking etc. 

Further, it was informed that the foundation stone of multi-storey parking was laid near U-Block. An estimated amount of Rs. 100 crore would be spent on Public-Private Partnership mode, the government informed.

There is also a proposal to construct Rs. 27 crore Anaj Mandi (Grain Market) in Mandi, it was informed.

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