Guwahati: As Assam Tea completed 200 years, the Assam Government decided to grant tax exemption on agriculture income for a period of three years with effect from April 1.
The decision was taken under the Chairmanship of Chief Minister Dr. Himanta Biswa Sarma.
The Assam Finance Minister Himanta Biswa Sarma said the tea industry has been facing a crisis for the last several years. The Assam State Tourism Minister said that the State Cabinet approved to issuing of notification under the Assam Agriculture Income Tax Act, 1939 for granting tax exemption on agriculture income for a period of 3 years with effect from April 1 this year.
Apart from the purchase cost of plant and machinery for orthodox tea, a 25 percent subvention will be provided on the capital expenditure. The tea industry is given a three-year tax holiday from payment of agriculture income tax. To meet these, state governments will incur an outflow of Rs 200 crore annually.
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