Punjab to levy tax on entrepreneurs’ for cancer relief and drug de-addiction

Manufacturing projects of Monte Carlo, Asian Fine Cements cleared
Chandigarh/March 22
Punjab government is going to levy 0.25 and 1% tax from entrepreneurs on the total project cost for special ‘Cancer Relief and Drug de-addiction Fund’ under the provisions of Corporate Social Responsibility (CSR).
Punjab Chief Minister Prakash today approved the decision to levy tax in a meeting of the Empowered Committee here today.
“The Empowered committee made it mandatory for all the entrepreneurs and Industrialists to contribute 0.25% and 1% of the total investment in case of manufacturing units and multiplexes and housing projects with a maximum cap of Rs. 25 lac and Rs. one crore respectively ,” the government spokesperson said.
The spokesperson further stated that all the entrepreneurs whose projects were cleared in the meeting consented to contribute for this noble cause.
“The Empowered Committee also approved four mega projects with total investment of Rs. 578.68 crore comprising three mega manufacturing projects of Asian Fine Cements for setting up of a Cement Plant in Patiala, Monte Carlo for setting up manufacturing unit of woolen and cotton apparels in Ludhiana and Terry Towel project in Dera Bassi,” stated the spokesperson.
Asian Fine Cements unit will be setup with an installed capacity of one million per annum at village Rajgarh in Tehsil Rajpura of District Patiala with an investment of Rs. 127.46 crore. While, the Monte Carlo’s manufacturing unit of designed woolen and cotton apparels will be setup at Sherpur Kalan in Ludhiana district at a cost of 163.86 crore and a Terry Towel Project to be set up near Lalru in Tehsil Dera Bassi of Mohali district with an investment of 104.36 crore besides a Mega Multiplex of Parv Promoters Limited at Jalandhar with a total capital outlay of 183 crore.