India to become self-reliant with Chemical and Petrochemical Sectors, Government formulated action plan

• Petroleum, Chemical and Petrochemical Investment Areas policy changes
• Government may change tax policy to promote petrochemicals
• Exemption in corporate tax

New Delhi: To make Chemical and Petrochemical Sectors self-sufficient, the Central Government has prepared an Action Plan. With the help of this sector, the government is now trying to fulfill the goal of creating a self-sufficient India. According to the information, the government is planning a tax concession in green field and brown field projects of this sector. The government has decided to change the tax policy to help the sector get relief and move forward. According to the new tax slab-

• New units operating in Chemical and Petrochemical Sectors will be fully exempted from corporate tax exemption for the first 5 years.
• For 5-10 years, these units will get 75% exemption in corporate tax, which means they will have to pay only 25% tax in this period.
• At the same time, they will get 50% tax rebate after 1 decade. Apart from tax exemption, the government will also help 10-20 per cent of the employers working in this sector through equity .

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It is also being said that to give a big push to this sector, the central government is also considering amendments in the Petroleum, Chemical and Petrochemical Investment Areas (PCPIR) policy. Work on this proposal sent by the Ministry of Chemicals and Fertilisers can be started after cabinet approval.

Let us tell you that the petrochemicals and chemical sector is one of the top 5 industries that imports the most goods from China. Therefore, to reduce this import, the government wants to increase the import duty on their products, and the government can take a decision in this direction also soon.

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