Excelsior Correspondent
JAMMU, Mar 18: The claims for turnover incentives to eligible units for the financial year 2022-23 are currently under process and will be cleared by 31st March 2025.
This assurance was provided by the Minister of Industries and Deputy Chief Minister, Surinder Choudhary in response to a question raised by Member of the House, Salman Sagar.
Regarding the disbursement of incentives for the year 2021-22, the Deputy Chief Minister stated that approximately Rs 21.94 crore had been distributed among 742 units in Jammu, while Rs 3.80 crore was disbursed to 371 units in Kashmir.
On the matter of releasing turnover incentives for eligible units for the financial year 2022-23, the Deputy Chief Minister mentioned, “The claims are under process and will be cleared by 31st March 2025.”
In response to a query regarding the J&K Industrial Policy (117 IND of 2021) and whether the government is providing a 3% yearly turnover-based incentive to eligible industrial units, the Deputy Chief Minister confirmed, “Yes, under the J&K Industrial Policy 2021-30, issued through Government Order No. 117-IND of 2021 dated 19th April 2021, Clause 4.8 states that existing micro units registered under GST in the UT of Jammu and Kashmir on or before 31st March 2021 will be eligible for a 3% turnover incentive. These units can avail this incentive for up to five years, with a maximum of Rs 10 lakh per annum.”
“For existing SME and large units, a 2% turnover incentive will be provided to all existing units registered under GST in the UT of Jammu and Kashmir. These units can avail this incentive for a maximum of five years, with a cap of Rs 50 lakh per annum. Units can claim the incentive consecutively for five years within the applicable time period of this policy. However, this incentive is subject to an overall annual capping of Rs 50 crore,” he said.
The Deputy Chief Minister further explained, “In addition, the Turnover Incentive Scheme, 2021, notified through Government Order No. 127-IND of 2021 dated 21st May 2021, also provides incentives for existing industrial units in Jammu and Kashmir. This includes 3% of the gross turnover for micro-category units, as defined under the MSME Development Act, 2006 (amended on 1st June 2020), subject to a maximum of Rs 10 lakh per annum per unit for five years from the appointed date.”
“For small, medium and large units, the scheme provides 2% of the gross turnover, subject to a maximum of Rs 50 lakh per annum per unit for a period of five years from the appointed date. The turnover incentive is, however, subject to the availability of funds and will be distributed proportionately based on the turnover disclosed by each unit,” he concluded.
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