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GOVERNMENT OF TAMIL NADU ABSTRACT Industries - IFST Waiver/ Deferral Scheme - Plant and Machinery acquired under hire purchase - Eligibility for consideration under the IFST Waiver / Deferral scheme - Orders Issued - Cancelled. INDUSTRIES (MIG.2) DEPARTMENT G.O.2(D)No. 4 Read: 1. G.O.Ms.No.160, Industries (MIG.2)Department, dt. 30.6.1995. 2. From the Managing Director, SIPCOT, Letter No.ID / ST / SC / HP/ 98, dt. 16.7.1998. 3. From the Deputy General Manager (BP), TIIC, Letter No.TIIC / HO / BP / 98-99, dt.14.9.1998. ------ ORDER: In G.O.Ms.No.160, Industries Department, dated 30.6.1995, it was ordered that the plant and machinery acquired under hire purchase were made eligible for consideration under IFST waiver / deferral scheme but not for the purpose of subsidy subject to the following suitable safeguards:- (i) The gross value of plant and machinery acquired under hire purchase should have been included under assets in the balance sheets of the unit and the unit should have claimed depreciation for the same in the accounts. (ii) Land and building and plant and machinery other than the portion of plant and machinery which is acquired under hire purchase shall be mortgaged as security; and (iii) If the value of the assets mortgaged under (ii) above falls short of the fixed assets base necessary for computing the Interest Free Sales Tax Waiver / Deferral, then the short fall shall be made good by the promoters through collateral security to the extent necessary. 2. The Sub-Committee of Standing Committee and the Standing Committee on incentives in their meetings held on 11.2.99 and 17.5.99 respectively, the proposal to continue with IFST deferral for hire purchase machinery was discussed and rejected. It was therefore decided to cancel the above said G.O. providing for incentives since the conditions stipulated therein cannot be fulfilled. 3. The Government have examined the decision of the Standing Committee on incentives for Industrial Promotion and decided to accept the decision of the Committee to cancel the above said G.O. Accordingly, the Government direct that the orders issued in G.O.Ms.No.160, Industries (MIG 2) Department, dated 30.6.1995 is hereby cancelled. 4. This order issues with the concurrence of Finance Department vide its U.O No.4042 / Fin.Ind / 03, dt.27.1.03. (By order of the Governor) K.SKANDAN To The Chairman and Managing Director, SIPCOT Limited, 19-A Rukmini Lakshmipathy Road, Egmore, Chennai-8. The Managing Director, Tamil Nadu Industrial Investment Corporation, 692-Anna Salai, Chennai-35. The Director of Industries and Commerce, Chepauk, Chennai-5. The Chairman and Managing Director, SIDCO, Chennai-16. The Special Commissioner and Commissioner of Commercial Taxes, Chepauk, Chennai-5. The Accountant General, Chennai-18. The Accountant General, Chennai-35. The Accountant General, Chennai-6. The Secretary to Government, Small Industries Department, Chennai-9. Copy to: The Commercial Taxes Department, Chennai-9. The Small Industries Department, Chennai-9. The Finance Department, Chennai-9. The Industries (OPII) Department, Chennai-9. The Industries (MIF) Department, Chennai-9. SF/SC /Forwarded by order/ Section Officer.
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