Excelsior Correspondent
JAMMU, Nov 22: Association of Industries (AoI), Gangyal projected burning issues of the industrialists from Jammu region today.
A joint meeting of the Executive Committee and Advisory Committee of Association of Industries was held at Association office, Gangyal here under the chairmanship of Rattan Dogra. The members raised the issues regarding implementation of the GST and their impact upon MSME sector both in respect of CGST and SGST. Entrepreneurs present in the meeting were unanimously of the opinion that both Central and State Govt should be approached for immediate suitable redressal of the issues.
Entrepreneurs stressed that local units were availing the benefit of 100% VAT remission of the invoice value that the State Govt intends to replace with value addition portion not beyond 20-25% of the earlier VAT remission which may destroy the competitive advantage the local units enjoyed prior to the implementation of the GST regime. Entrepreneurs stressed that the State Govt should be approached to extend the benefit of 100% remission of SGST as applicable earlier. They also stressed that the Toll Tax applicable for the imports should be continued to offset the topographic disadvantages the local units have to face.
The unit holders further deliberated that the Central fiscal package was alive on the date of the implementation of GST wherein, even those local units whose sales were below Rs 1.5 crore had the option of the availing of the fiscal incentives through substantial expansions. This protection to the very small of the MSME sector principally and practically stands withdrawn. Central Govt should once again be approached to find ways and means to accommodate the small units located in the State through the specially devised mechanism to offset the impact of CGST by which 100% CGST portion is refunded as well.
The more pertinent issue of the segregation of the jurisdiction of the State / Central Govt Departments has since not be resolved till date resulting in blockage of the entire working capital resources which may ultimately force closure of near total of local units in small sector largely promoted by local sons of the soil. Entrepreneurs advised the Association to urge Chief Minister, Deputy Chief Minister, Industries & Commerce Minister and Finance Minister for their personal intervention in the matter.
Trending Now
E-Paper
Follow our WhatsApp channel