Excelsior Correspondent
JAMMU, Jan 7: Chamber of Commerce and Industry (CCI) Jammu has welcomed and complimented the Union Finance Ministry for clarifying that the existing industrial units in J&K can avail excise duty exemption again by way of second substantial expansion under the new industrial policy.
In a press statement issued here today, president of the Jammu Chamber, Y V Sharma expressed satisfaction that the confusion created by the local office of the Central Excise refusing to provide excise duty exemption to the industrial units in J&K on 2nd substantial exemption on the ground that they had already availed the benefit under the Central package of incentives 2002 has finally been cleared. He, however, regretted that the decision has come very late for which the industrial units in J&K had to launch a grim struggle as the units which had invested huge sums of money on second substantial expansion were being denied their due share of Excise exemption.
Mr Sharma claimed that the Jammu Chamber initiated a vigorous campaign in this regard not only with the J&K Government but also with the authorities in the Union Finance Ministry to give the industrialists in J&K their rightful share of exemptions under law without any delay. Even a representation was also submitted to the AICC vice president Rahul Gandhi during his visit to Jammu recently.
The CCI president extended gratitude to State Administration, Chief Minister Omar Abdullah and Prof Saif-ud-Din Soz , Union Minister Ghulam Nabi Azad, Ambica Sony, incharge J&K Affairs and the Union Finance Ministry in this regard. Mr Sharma said that circular No. 977/01/2014, issued by the Union Finance Ministry makes it amply clear that the existing industrial units in J&K were fully eligible for exemptions in the Excise duty by way of second substantial expansion under the notifications of 2002 and 2010 in this regard. He called upon the local authorities to implement this decision.
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