Hyderabad: The AP government will sell land to ‘select’ industries. According to the AP Infrastructure Development Enabling Act, the government can only allot land to any industry for on a 33-year lease.
According to a Bill amending the Act, introduced in the Assembly by Finance minister Yanamala Ramakrishnudu on Saturday, the government will allot land to the industries on a 99-year lease.
But under different circumstances, the government can sell land outright: If the industry invests more than Rs 100 crore, sets up base in backward areas or if the government identifies it as ‘difficult’ or 'prestigious'.
The government also introduced the AP Value Added Tax amendment Bill to reduce the rate of tax on the sale of furnace oil to industries in AP to 5 per cent from 14.5 per cent.
The Bill will exempt sugar from levy of tax both on intra- and inter-state sales and will rationalise the tax structure on India-made foreign liquor, beer, wines and ready-to-drink varieties in different slabs.
The government also introduced the AP Electricity Duty Bill to consolidate and regulate the law relating to levy of electricity duty.
The government said it had a substantial social obligation in providing assistance to power sector and there is imperative need to augment revenue by tapping all available sources.
