Excelsior Correspondent
JAMMU, Nov 29: Bari Brahmana Industries Association (BBIA) has alleged that industrial growth has badly affected in the Jammu and Kashmir State with the policies of the Government.
In a meeting of the Association held here today under the presidentship of Lalit Mahajan in presence of Ajay Langer general secretary, Vivek Singhal secretary and others, the members discussed the sharp decline reported in the industrial growth in the State, post GST regime due to non-availability of fiscal incentives to the new units and units under substantial expansion resulting shifting of capital from J&K State to other states.
“The position is more serious as due to non-availability of the job avenues in the State, the educated youths have no option but to shift to other parts of the country to earn their bread and butter and we fear that in case immediate remedial measures are not adopted by the Govt for the grant of fiscal incentives at par with the north eastern states to J&K, the State will be converted in to a colony of old people in near future,” they added.
While appreciating the grant of fiscal incentives by State/Central Govt to the working Industrial units of the State which includes the 2% reimbursement of IGST in lieu of CST and freight subsidy beyond 1000 km, the working Micro & Small Scale Sector of the State is suffering very badly due to non- availability of above incentive to majority of the units due to conditions imposed by the Finance Department in respect of taking in to the account the interstate sales turnover of 2016-17 for the grant of 2% reimbursement of IGST resulting denial of 2% IGST incentive to the units who have not achieved the interstate sale prior to 2016-17 and after 01-04-2017.
In respect of Freight Subsidy Scheme, the benefits available for the dispatch of finished goods available only after the sale of Goods beyond 1000km resulting it is not possible for the MSME Units from Kashmir/Jammu to avail the incentive for the sale of their goods in the neighboring States. It is the need of the hour to provide the 2% IGST to all the working units and units under expansion, and also freight subsidy for interstate sale of goods up to destination, reimbursement of 42 % CGST and adequate budgetary support to MSME Units having annual turnover less than 1.5 crores prior to GST for their survival, the Association said.
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