Excelsior Correspondent
JAMMU, June 6: Bari Brahmana Industries Association (BBIA) members held a meeting under the chairmanship of its president Lalit Mahajan to discuss the State Industrial Policy which is going to expire on June 30 along with other fiscal incentives which also includes VAT remission to Industrial Sector till the adoption of GST.
The members present in the meeting requested Chief Minister Mufti Mohammad Sayeed, Finance Minister Haseeb Drabu and Minister for Industries and Commerce Chander Parkash to announce the New Industrial Policy before June 30, which is under the consideration of the Government and incase, if there is any delay to announce the same before June 30, it may be extended for a further period of three months.
They stated that the present fiscal incentives including VAT remission and toll exemption should be continued till the introduction of the GST in our State and the exemption from Central Goods and Service Tax should be extended on the same pattern to the industrial sector. They added that in the proposed Goods and Service Tax, the service tax component has been included whereas, in J&K no service tax is applicable to Industrial Sector on job work at present. Hence, the Industrial Sector of J&K should be kept out of preview of service tax in GST regime also, they stated.
BBIA requested Chief Minster to lead a High Level Delegation from J&K to meet the Prime Minister Narendra Modi for the restoration of central excise package, income tax holiday and rationalization of DIPP package with Neutrality of Location for the existing as well as for new Industrial Units of our State till the adoption of GST by J&K State and all the above incentives should be available to the industrial sector of J&K under GST Regime also for rapid growth of industrialization in State.
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