30A. [ Power to exempt certain class of Industries. [Inserted by Punjab Act No. 3 of 1990 dated 19.3.1990.]
- The State Government may, if satisfied that it is necessary or expedient so to do in the interest of industrial development of the State, exempt such class of industries from the payment of tax, for such period and subject to such conditions, as may be prescribed:][Provided that in the case of industries which came into production for the first time on or after the first day of April, 1989, or wherein modernisation, expansion or diversification has been carried out in accordance with the Industrial Policy, 1989, the Government may exempt such industries from the payment of tax with effect from the first day of April, 1989, subject to such conditions as may be prescribed :Provided further that in the case of industries which came into production for the first time after the 24th day of June, 1991, or wherein expansion, modernisation or diversification has been carried out in accordance with the Electronics Policy, 1991, the Government may exempt such industries from the payment of tax with effect from the 24th day of June, 1991, subject to such conditions, as may be prescribed.Explanation. - For the purpose of this section -(i)the Industrial Policy 1989 shall mean the Industrial Policy of 1989, notified by the Government of Punjab in the Department of Industries, as amended from time to time;(ii)the Electronics Policy, 1991, shall mean the Electronics Policy of 1991 notified by the Government of Punjab in the Department of Industries as amended from time to time.]
