BBIA for extension of incentives to industries in J&K under GST

By
Daily Excelsior
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Excelsior Correspondent
JAMMU, Aug 11: Bari Brahmana Industries Association (BBIA) has urged upon the Government to extend fiscal incentives to the industrial sector in J&K State under GST.
A  meeting of the Executive Committee members of BBIA  was held here under the chairmanship of  Lalit Mahajan  president, BBIA to discuss the issue in respect of extension of  present fiscal incentives under GST regime for the survival of Industrial sector of J&K.
Members present in the meeting extended  their  gratitude to Finance Minister Dr Haseeb Drabu for raising the major issue related to the extension of  fiscal incentives for the survival of Industrial sector under GST Regime referring to the challenge of continuing exemption for Industry. He also stated that State Govt is giving various Tax exemptions to Industry  and challenge before the State to keep the exemption without breaking the GST chain in the meeting of  Empowered Committee of State Finance Ministers in the National capital on July 26, 2016.
It is pertinent to mention here that at present,  Excise Duty refund incentive is applicable to Industrial sector of J&K to meet the stiff competition for the export of goods to other parts of the country as well as sale in the local market. Moreover, the State Govt also provided relief to Industrial sector by way of VAT remission and CST exemption for the sale of finished goods to other parts of the country.
At present, the major issue involves for the future of the Industrial sector of J&K under GST regime to find out the ways  and means to provide fiscal incentives to the Industrial units of J & K under GST regime for which a deliberation should be done with the stake holders with the participation of Industrial Associations  and Federation of Industries, Jammu/ Kashmir.
BBIA requested  Arun Jaitley Finance Minister,  Dr Haseeb Drabu  and Chander Parkash, Industries & Commerce Minister that the present Excise Duty incentive with 100% refund should be continued under the GST Regime.
The meeting was also attended by  Rahul Bansal  senior vice president,  Varun Singla  vice president,  Ajay Langer, general secretary,  Viraaj Malhota secretary/treasurer BBIA & others.

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