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Telangana seeks tax incentives like AP
Finance Minister Eatala Rajender on Friday demanded that the Centre to extend the tax incentives which it had announced for seven districts of Andhra Pradesh to boost industrial activity.
New Delhi: Finance Minister Eatala Rajender on Friday demanded that the Centre to extend the tax incentives which it had announced for seven districts of Andhra Pradesh to boost industrial activity.
As per AP State Reorganisation Act, Telangana is also entitled for the concessions which have been announced for Andhra Pradesh, he said.
Rajender, who is in Delhi to attend the meeting on GST, told media that the Centre should not discriminate between the two Telugu states.
He said he had asked the Centre that whatever due Telangana state was to get should be released before the GST becomes operational.
He said he had expected that the Centre would give clarity over the doubts which were expressed by various state governments in the last meeting but that did not happen.
It may be mentioned here that the central government on Friday announced tax incentives for seven districts of Andhra Pradesh to boost industrial activity in the state.
New industrial units established from April 1, 2015 in the four districts of Rayalaseema and three districts of North coastal Andhra regions are eligible for the tax incentives.
“The CBDT has notified these seven districts for availing tax incentives under Section 32(1)(iia) and Section 32AD of the Income-Tax Act,” Meenakshi J Goswami, Commissioner of Income Tax, and Official Spokesperson, Central Board of Direct Taxes (CBDT), Ministry of Finance, said in a statement on Friday.
Accordingly, any manufacturing undertaking set up during the period from April 1, 2015 to March 31, 2020 in these districts of Andhra Pradesh is eligible for 15 per cent of higher additional depreciation and 15 per cent of investment allowance on the cost of plant and machinery acquired by it during the above-mentioned period.
