Excelsior Correspondent
NEW DELHI, Sept 21: Union Commerce Minister Suresh Prabhu has assured to include J&K under special industrial package being formulated for the North-Eastern states.
The Union Minister promised the visiting delegation of Federation of Industries, Jammu led by Rajesh Jain, chairman FoIJ that in view of the present situation and hardships being faced by the J&K industry, the Central Government would cover J&K under special package being formulated for the North-Eastern states.
The Jammu delegation of Industrialists consisting of Jain, Lalit Mahajan Co-chairman FoIJ, Ajit Bawa – president Kathua Industries Association, Rattan Dogra- president of Association of Industries Gangyal, Jammu and prominent industrialists S K Bansal and Satish Koul called on Suresh Prabhu at Delhi today and apprised him of the condition of J&K Industry and the hardships being faced by them. The delegation sought his personal intervention to issue the requisite notifications as assured to extend the financial incentives to the local industrial units following the implementation of GST regime.
FoIJ members brought to the notice of Commerce Minister that comprehensive industrial incentive package was first declared by the then NDA Government in 2002 to promote and encourage industrial growth in the State wherein, industrial units were provided Central Excise benefits besides Income Tax holiday for 10 years. This in turn generated substantial employment opportunities for very large number of local population. Through revised set of incentive as announced in 2017 Central Excise benefits have been extended for the residual period up to ending March-2027 ignoring the bonafide interests of existing units and units who are in the process of substantial expansion.
The delegation further apprised Commerce Minister that State Govt was providing VAT remission to the protection of local MSME industrial units which practically has seized to exist after the implementation of GST regime. Furthermore, the State Govt has assured to provide financial incentives to offset the financial implications under State GST after the Government of India notifications concerning Central GST.
The FoIJ members requested the Commerce Minister to extend CGST / IGST benefits to all existing industrial units irrespective of their location, size and age so that it becomes guiding principal for the State Govt to issue requisite notifications for SGST accordingly.
Prabhu, who was highly receptive and appreciative to the issue raised by FoIJ and informed the delegation that a separate policy and special package of incentives is under formulation exclusively for North-Eastern States. He assured to include J&K State in the ambit of the new policy.
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