Excelsior Correspondent
JAMMU, July 30: Federation of Industries Jammu raised serious concern over the sharp decline reported in the industrial growth of J&K due to non- availability of post GST Central/State Fiscal Incentives to the new units and units under substantial expansion.
In a press statement chairman of the Federation Lalit Mahajan said that the position is more serious due to reduction in the fiscal incentives available to the working units in post-GST regime as compared to the fiscal incentives in pre- GST regime resulting number of MSME Units have reached at the verge of closure and are in the process of shifting to other parts of the country as it is not possible for them to run their units due to additional cost of raw materials and finished goods for the manufacturing of goods in our State.
Even the incentives approved in the State Budget for the financial year 2018-19 in Feb 2018 not yet notified by the State Govt. resulting uncertainty prevail in the mind of majority of units working in our State. He claimed that growth rate has been very grim during past three years in the state.
It is worthwhile to mention here that the Industrial Estates developed in our State with the Investment of crores of rupees lying vacant due to non- availability of investor in our State.
The position is more serious in respect of 7000 to 8000 micro and small scale units working in our State, as in post GST regime limited incentives given by the State Govt to existing micro and small scale units who are not availing the Central Excise benefits prior to GST regime due to exemption up to 1.50 crores turnover with the exemption of VAT.
Federation of Industries, Jammu urged upon the Prime Minister of India and the Governor of J&K for the extension the Central/State fiscal incentives to the existing as well as new units and also provide the relief to existing micro and small scale units of the State by providing additional Incentives for their survival.
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