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On September 25, 2020, Assam Government announced a scheme for the tea industry in the state. Finance Minister of Assam, Mr. Himanta Biswa Sarma announced the scheme for the benefit of Tea industry in the state. The total budgeted outlay for this scheme is Rs. 200 crores. Under this, the tea gardens will get an exemption of 3 years in payment of agriculture income tax. This will give a boost to the entire tea sector. Along with this tax holiday, interest relief and subsidies are also provided to the tea gardens. Thus, the main aim of this scheme is to give a boost to the tea sector/ industry in the state which is affected due to the lock down.
Scheme Overview:
| Scheme: | Agriculture Income Tax Holiday to Tea Gardens |
| Scheme Under: | Assam Government |
| Announced By: | Finance Minister, Himanta Biswa Sarma |
| Launch Date: | September 25, 2020
|
| Main Beneficiaries: | Tea Gardeners in the state |
| Benefit: | Agriculture income tax holiday along with interest relief and subsidies |
| Major Objective: | To boost and develop the tea industry in the state |
Scheme Objectives and Benefits:
- The main objective of this scheme is to boost the tea industry in the state.
- It aims to help the tea gardeners to earn a sufficient earning
- Agriculture income tax holiday is sanctioned for the tea gardeners under this scheme for 3 continuous years
- Capital subsidy of 25% is also given to set up plant and machinery for the production of orthodox tea.
- This scheme will help boost the tea industry in the state which is going through rough times since some past years and is recently affected by the lock down too.
- It aims at increasing tea production in the state thereby inducing exports
Scheme Details:
- Tax holiday, incentives, subsidies are mainly announced for boosting the tea sector along with increased production and exports of tea
- Under the scheme, 3 years agriculture income tax holiday is sanctioned for the tea gardeners
- 3% interest relief on working capital of Rs. 20 lakhs will be provided
- A subsidy of Rs. 7 per kg is sanctioned by the state government and subsidy of Rs. 3 per kg is sanctioned by the Tea Board. Thus, a total of Rs. 10 per kg is provided for increased production and exports
- Capital subsidy of 25% will be given by the state government for setting up of plant and machinery for production
- State owned Assam Tea Corporation has announced a bonus of 20% for the workers of the gardens. This bonus is announced keeping in mind the upcoming Durga Puja. State expects the garden authorities will give the bonus assigned to each worker without nay dispute or delay.
- 200 crores incentive package is announced for the scheme.
