Excelsior Correspondent
JAMMU, Mar 10: A delegation of Federation of Industries Jammu (FoIJ) led by Annil Suri, met the J&K Finance Minister Dr Haseeb Drabu and MoS Finance Pawan Gupta and submitted Pre-Budget (2015-16) memorandum/ suggestions with regard to the welfare of the Jammu industry.
Assisted by other members of the Federation including Rajesh Jain, Romesh Badyal, Vinod Rishi, Devinder Verma, Ajit Bawa, Jatinder Aul Co-chairmen FoIJ, S B Abrol, secretary general, Lalit Mahajan convener & office bearers of All Industrial Associations of Jammu, Mr Suri projected the issues of the Jammu industry and pleaded to include their suggestions in the proposed Budget.
The FoI stressed for extension of existing Industrial Policy for 10 years which is expiring on March 31, 2015. It said the draft policy has already been circulated and it needs to be finalized and announced. Federation further stressed the need to encourage and develop local industry for optimum use of natural resources, a special mineral extraction policy and Hydro Power General Policy to be framed for the sons of the soil.
The Federation suggested to work out modalities for extension of existing fiscal incentives to industrial sector in the proposed Goods and Services Tax regime. It was stressed for provision of special funds for creating industrial infrastructure, development of new industrial estates with joint venture, development of power grids/ infrastructure, development of inland container depot at Bari Brahmana Industrial Complex and make Lakhanpur Toll Plaza operation round the clock with Green Channel facility to the Industrial sector.
The other issues/ suggestions which were projected included VAT remission extension, cashless system of VAT remission through SICOP, annual assessment of raw material / finished goods for Toll Tax exemption, work tax on job work, negative list for VAT electricity duty, additional Toll Tax exemption on plant and machinery to industrial units on substantial exemptions etc.
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