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The industrial processes have the potential to discharge the pollution to land, air and water. This pollution can cause a health risk to the public as well as damage the environment. In order to prevent this pollution, industrial process are strictly regulated to minimize the pollution and to manage their environmental impacts. Environmental costs are used to monetary values spent for environment to retain the nature. Many of the researchers have defined different types of environmental costs which are considered by the production sectors for promoting environmental sustainability. Successful production run depends on effective inventory management. In those days, the inventory models support the production system, but in these days the inventory models have to be formulated to initiate environmental friendly production structure to prevent the industrial pollution. This paper aims in formulating a new EOQ and EPQ inventory models which encompassing the costs of production and transportation along with the associated costs of mitigating the environmental effects under permissible delay in payment.