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Tue, 04/15/2014 - 15:09 — webmaster
Modified Special Incentive Package Scheme(M-SIPS)
To offset disability and attract investments in Electronic manufacturing, Modified Special Incentive Package Scheme (M-SIPS) was notified on 27.7.2012.
The scheme is available for both new projects and expansion projects. The scheme provides capital subsidy of 20% in SEZ (25% in non-SEZ) for units engaged in electronics manufacturing. It also provides for reimbursements of CVD/ excise for capital equipment for the non-SEZ units. For some of the high capital investment projects like fabs, it provides for reimbursement of Central Taxes and Duties. The incentives are provided on reimbursement basis. The incentives were available for 29 electronic verticals. Units all across the manufacturing value chain are covered under the scheme. For each of the product category, an investment threshold is prescribed which an applicant has to incur for getting eligible for incentives. The investment threshold varies from Rs 1 Crore to Rs 5000 Crores depending upon a type of project. The incentives are available for 10 years from the date of approval. The scheme was initially opened for 3 years till 26-07-2015 .
The scheme was amended on August 3, 2015. The salient amendments include (i) The term of the scheme has been extended upto 27-07-2020. (ii) The scope of the scheme has been extended to cover additional verticals. (iii) The procedure for grant of approval has been simplified and streamlined.The incentives are now available for investments made in a project within a period of 10 years from the date of application
The M-SIPS require applicants to submit applications with Financial Closure (tied up funds) for the project they propose to execute. The Financial Closure for a project, however, can be given in phases.
As per para 6.1 of M-SIPS notification, to consider the applications under the scheme and to submit it’s recommendations, an Appraisal Committee headed by Additional Secretary , DeitY have been constituted.
The non- refundable application fee which is required to be submitted along with the application form has been separately notified. It varies from Rs 10,000/- for projects costing less than 10 crores to Rs 1,00,000/- for projects costing 10,000 crores and above.
M-SIPS scheme is presently open to receive applications. All Initial applications which will be received by DeitY on or before 26-07-2020 will be considered for incentives under M-SIPS. The Nodal Officer is the key contact for all communications relating to M-SIPS. Nodal Officer(M-SIPS) has been appointed. All applications under M-SIPS are required to be submitted online at www.msips.in. Any further communication with regard to the application can be addressed to Nodal Officer(M-SIPS), Department of Electronics and IT, Electronics Niketan, Lodhi Road, New Delhi-110003. For submission of M-SIPS application,please click here