Jharkhand promises 'VAT breaks' to woo investors

Jharkhand Chief Minister Raghubar Das today promised 'VAT breaks' and hassle-free environment to investors looking to set up units in the state.
Attending the 'Jharkhand Investors Summit' at the 'Make in India' Week in Mumbai, Das promised investors that they would be given breaks in value added tax (VAT).
"All the formalities related to investment would be completed within a month. The state is progressing on the development path and within four years it would carve a space in the league of developed states like Gujarat and Maharashtra," an official statement quoted Das as saying.
"A single window system has been established to clear investment proposals and the government has also formed a land bank and is ready to offer 200 acres land.

"Today in Jharkhand, factories and other establishments have to file just one return before the labour department annually. This number was 36 earlier," he said.
The chief minister added that frequency of inspections has been reduced to once in five years.

"We have really put an end to inspector raj. A total of 58 categories of industries have been exempted from the requirements of obtaining consent to operate," Das said.
The state offers great opportunities in multiple sectors, including information technology, mines, power and agriculture, he told investors.
Das also unveiled the new Jharkhand Industrial and Investment Promotion Policy 2016 as part of the state government's initiative to ensure business-friendly environment.

The chief minister also held one-on-one meetings with over 25 industry captains from various industries, ranging from power, entertainment, skill and information technology, the release said.
The companies that participated in these meetings included Oracle, HCL and Future Group.