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Consider the following statements about National Investment and Manufacturing Zones:
1. Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government.
2. Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
1. Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government.
2. Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements about National Investment and Manufa...
While the State government is responsible for making available land for the project, the Centre will provide infrastructure like rail, road and port and telecommunication connectivity outside these zones. Both State and local body will develop infrastructures inside these zones. So, Statement 1 is not correct.
ADDITIONAL INFORMATION:
The NIMZs are envisaged as integrated industrial townships with state of the art infrastructure; land use on the basis of zoning; clean and energy efficient technology; necessary social infrastructure; skill development facilities etc. to provide a productive environment for persons transitioning from the primary to the secondary and tertiary sectors.
The National Manufacturing Policy (NMP) provides for:
The NIMZs are envisaged as integrated industrial townships with state of the art infrastructure; land use on the basis of zoning; clean and energy efficient technology; necessary social infrastructure; skill development facilities etc. to provide a productive environment for persons transitioning from the primary to the secondary and tertiary sectors.
The National Manufacturing Policy (NMP) provides for:
- Relief from Capital Gains Tax on sale of plant and machinery of a unit located in a National Investment and Manufacturing Zone (NIMZ) in case of re-investment of sale consideration within a period of three years for purchase of new plant & machinery in any other unit located in the same NIMZ or another NIMZ.
- Rollover relief from long term Capital Gains tax to individuals on sale of a residential property (house or plot of land) in case of re-investment of sale consideration in the equity of a new start-up SME company in the manufacturing sector for the purchase of a new plant and machinery.
- Simple and expeditious exit mechanism for closure of sick units while protecting labour interests.
- In respect of environmental laws/regulations, inspection by specially trained/designated/notified agencies for third party inspection to supplement the inspection by the Government agencies for compliance monitoring.
- NIMZ can be proposed with land area of at least 5000 hectares.
- Land will be selected by state governments and preference would be given to uncultivable land.
- NIMZ will be managed by Special Purpose Vehicle, headed by. Govt. officials and experts, including those of environment.
- To enable NIMZs to function as self governing autonomous bodies, they will be declared by the state government as industrial townships under Article 243 Q (c) of the constitution.
- NIMZs will be notified by the central government.
Most Upvoted Answer
Consider the following statements about National Investment and Manufa...
Statement 1: Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government.
Statement 2: Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
Correct Answer: 2 only
Explanation:
The National Investment and Manufacturing Zones (NIMZs) are industrial zones that are aimed at boosting investment in manufacturing and creating job opportunities. Let's evaluate each statement:
Statement 1: Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government.
This statement is incorrect. The creation of National Investment and Manufacturing Zones requires the approval of both the Central and State governments. The Central government provides policy support and facilitates the creation of these zones, whereas the State government provides the necessary land and infrastructure development within these zones.
Statement 2: Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
This statement is correct. The NIMZs are governed by the Goods and Services Tax (GST) regime. The taxes earned from the goods produced in these zones are shared between the Central and State governments through the GST Council. The GST Council is a constitutional body that determines the tax rates, apportionment of taxes, and other related matters concerning the GST.
Therefore, the correct answer is option 'B' - 2 only.
Statement 2: Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
Correct Answer: 2 only
Explanation:
The National Investment and Manufacturing Zones (NIMZs) are industrial zones that are aimed at boosting investment in manufacturing and creating job opportunities. Let's evaluate each statement:
Statement 1: Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government.
This statement is incorrect. The creation of National Investment and Manufacturing Zones requires the approval of both the Central and State governments. The Central government provides policy support and facilitates the creation of these zones, whereas the State government provides the necessary land and infrastructure development within these zones.
Statement 2: Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.
This statement is correct. The NIMZs are governed by the Goods and Services Tax (GST) regime. The taxes earned from the goods produced in these zones are shared between the Central and State governments through the GST Council. The GST Council is a constitutional body that determines the tax rates, apportionment of taxes, and other related matters concerning the GST.
Therefore, the correct answer is option 'B' - 2 only.
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Consider the following statements about National Investment and Manufacturing Zones:1. Only Central government can approve the creation zones but the land and other infrastructures inside these zones are developed by only the respective State government. 2. Taxes earned for the goods produced in these zones are shared between Centre and States through GST Council.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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