Andhra Pradesh Interest Free Sales Tax Loans for Industries (Imposition of Ceiling) Act, 1987

THE ANDHRA PRADESH INTEREST FREE SALES TAX LOANS FOR INDUSTRIES (IMPOSITION OF CEILING) ACT, 1987.

ACT No. 20 of 1987

ARRANGEMENTS OF SECTIONS SECTIONS

(1) This Act may be called the Andhra Pradesh Interest Free Sales Tax Loans for Industries (Imposition of Ceiling) Act, 1987. (2) It shall be deemed to have come into force on the 1st January, 1976.

The State Government may fix the maximum of the Interest Free Sales Tax Loan during the period from the 1st January, 1976 to the 31st March,1984 in respect of new industria1 units which go into regular production on or after the 1st January, 1976 and such other industrial units going in for substantial expansion, situated in all the areas of the State of Andhra Pradesh excepting in the Municipal Corporation limits of Hyderabad, Vijayawada and Visakhapatnam, notwithstanding the limits specified in G.O.Ms.No.224, Industries and Commerce Department, dated the 9th March, 1976 and as subsequently modified from time to time.

Notwithstanding anything in any judgement, decree or order of any court, tribunal or other authority or any order to the contrary, the maximum amount of Interest Free Sales Tax Loan granted as an incentive to the new industries which have gone into regular production on or after the 1st January, 1976 and those industries which go in for substantial expansion situated in all the areas of the State of Andhra Pradesh excepting in the Municipal Corporation limits of Hyderabad, Vijayawada and Visakhapatnam in terms of G.O.Ms.No.224, Industries and Commerce Department, dated the 9th March, 1976 as extended from time to time till the 31st March, 1984 shall not exceed a sum of Rs. 10,00,000 in respect of each industry with a fixed capital cost of Rs. 1,00,00,000 and above.

The Andhra Pradesh Interest Free Sales Tax ordinance Loans for Industries (Imposition of Ceiling) Ordinance, 1987 is hereby repealed.