Pharmaceutical sector generated over 70K jobs in 3 yrs: Govt
Pharmaceutical sector has attracted nearly ₹2,845 crore investment and generated over 70,000 jobs in three years, said a press statement issued by state government on Friday.
The state's 'Nivesh Mitra' single window portal—an entirely paperless, online system—has so far facilitated the issuance of over 1.71 lakh licences under digital push with the Uttar Pradesh Pharmaceutical and Medical Device Policy, 2023.
Over the past three years, the state has attracted investments worth approximately ₹2,845 crore in the pharmaceutical sector via the single window portal. This includes investments in manufacturing units, blood centres, and drug retail establishments, said the press statement.
Between the years 2022–23 and 2024–25, around 167 manufacturing units were set up, creating about 3,340 jobs. In the same period, 195 blood centres and 32,475 medicine retail outlets were also established, which created approximately 1,365 and 64,995 jobs respectively.
The Pharmaceutical and Medical Device Policy, 2023 has further strengthened investor confidence. The policy offers several incentives, including a stamp duty exemption of ₹3.89 crore, encouraging new investments and expansion of existing businesses. This has led to a spike in both manufacturing facilities and retail operations within the state.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
a day ago
- Time of India
From July 1, GST returns pending three years can't be filed
The Goods and Services Tax Network on Saturday cautioned taxpayers that they will not be allowed to file their returns after three years from the due date from next month. In an advisory, it asked taxpayers to reconcile their records and file pending returns before the deadline. The restriction—set to be implemented on the GST portal from July—follows an amendment in the Finance Act, 2023. This will be applicable for various returns including GSTR-1, GSTR-3B and GSTR-9. "The said restriction will be implemented on the GST portal from July 2025 tax period. Hence, the taxpayers are once again advised to reconcile their records and file their GST returns as soon as possible, if not filed till now," the Goods and Services Tax Network (GSTN) said in its advisory. The Central Board of Indirect Taxes and Customs (CBIC) has already communicated to field formations to sensitise taxpayers about the deadline, so that they reconcile their records and file pending returns soon. Live Events Experts said the move is aimed at fostering greater discipline in the tax ecosystem and ensuring time-bound compliances. 'For businesses, this advisory carries significant implications. It is absolutely imperative to ensure all returns are filed promptly to avoid loss of input tax credit to their buyers and significant penalties,' said Saurabh Agarwal, tax partner, EY. 'Looking ahead, it's highly probable that this three-year window will be further reduced,' Agarwal added. Rajat Mohan, senior partner, AMRG and Associates, said this will also help in restraining retrospective amendments. 'This move marks a definitive closure of the return filing window, aimed at bringing certainty to the tax system and limiting retrospective compliances,' said Mohan. He, however, added that it may severely impact taxpayers who- —due to litigation, system issues or genuine oversight—have pending filings. 'The absence of a redressal mechanism for exceptional cases could lead to permanent denial of input tax credit and financial setbacks,' Mohan said.
&w=3840&q=100)
Business Standard
2 days ago
- Business Standard
GST returns to become time-barred after 3 years starting July tax period
GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
Time of India
2 days ago
- Time of India
GST return filing to be blocked 3 years after original due date starting July
Synopsis The GSTN announced that from July 2025, taxpayers will be barred from filing monthly and annual GST returns after three years of the original due date. This change, stemming from the Finance Act, 2023, impacts various GST returns, including GSTR-1 and GSTR-3B. Taxpayers are urged to reconcile records and file pending returns promptly to avoid complications.
