Section 4B in Punjab General Sales Tax (Deferment and Exemption) Rules, 1991
4B. [ Notwithstanding anything contained in rule 4-A and subject to the provisions of sub-rule (2), the following clauses shall be inserted, namely :- [Added vide GSR 24/PA 46/48Ss 27, 10 A and 30 A Amd. 12/97 dated 22.5.1997.]
"(i) Group of industries which are set up in 'A' category area on or after the first day of April, 1996, and the goods produced by them shall be eligible for the grant of benefit, at their option, of deferment or exemption from the liability to pay tax under the Act, for a period of ten years commencing from the date of production for the first time in the State of Punjab, subject to the condition that the total amount of tax deferred or exempted shall not exceed three hundred per cent of their fixed capital investment :Provided that the units and goods specified in Annexure II-D shall be eligible for incentives which are available to the units located in 'A' category area, irrespective of the area through out the State of Punjab.(ii)Group of industries which are set up in 'B' category area on or after the 1st day of April, 1996 and the goods produced by them shall be eligible for the grant of benefit, at their option, of deferment or exemption from the liability to pay tax under the Act, for a period of seven years commencing from the date of production for the first time in the State of Punjab subject to the condition that the total amount of tax deferred or exempted shall not exceed one hundred and fifty percent of their fixed capital investment.(2)a unit which qualifies for various incentives both under the Industrial Policy, 1992 or under the Industrial Policy, 1996 as notified by the Department of Industries, Punjab, and has exercised its option to be covered under either of the aforesid two policies by the 30th day of September, 1996, would be governed by the policy for which it has exercised option.]
