It said the GST Council had in September 2016 decided that all entities exempted from payment of indirect tax under the then-existing tax incentive scheme will have to pay tax in the GST regime.
"It was also decided that the decision to continue with any incentive given to specific industries in existing industrial policies of states or through any schemes of the Central government shall be with the concerned state or Central government," Minister of State for Finance Shiv Pratap Shukla told the Rajya Sabha in a written reply.
And in case the state or Central government decides to continue any existing exemption or incentive scheme, it shall be administered by way of a reimbursement mechanism through the budgetary route, he added.
He said the Central government had notified a scheme for grant of budgetary support to the eligible units which were earlier availing exemption or refund benefit under erstwhile Central Excise regime.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
