Punjab to amend rules to give option to industry to choose between net and SGST net incentives on ISS

Chandigarh [India], Mar 6 (ANI): The Punjab Cabinet on Wednesday approved an amendment to the GST incentives notified under the Industrial and Business Development Policy 2017 to enable industrial units to choose between net GST incentives or incentivised SGST on intra-state sale.
The cabinet meeting chaired by Chief Minister Amarinder Singh decided that the amendment will allow units which have filed their common application form on the Invest Punjab Business First portal between October 17, 2017 and October 17, 2018 (both days inclusive) will have the one-time option to opt either for net GST incentives as per notification issued on October 17 last year or incentivised SGST on intra-state sale.
Such units will be allowed to exercise this option within 90 days from the date of notification.
The incentivised SGST to be considered for reimbursement will mean that eligible units will be entitled to get reimbursement of SGST amount paid through cash ledger against the output liability of SGST on sale of eligible products.
These units will first have to utilise all the eligible ITC available in its credit ledger maintained on the common portal, including eligible ITC of IGST, as provided under section 49 of the Punjab Goods and Services Tax Act 2017 before adjusting the SGST amount through cash ledger. 
It may be recalled that the net SGST formula for incentive announced in the new Industrial Policy 2017 was approved by the Cabinet on October 17, 2018. However, feedback and suggestions were received from the industry.
Industry leaders wanted a change in net SGST incentive in line with the original notification issued on October 17, 2017.
(ANI)