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13/04/2017 09:06am

J&K MSMEs urge government to extend incentives under GST

image J&K MSMEs urge government to extend incentives under GST

Jammu, Apr 13 (KNN) The Jammu & Kashmir MSMEs have urged the Centre and State Government to extend incentives to them under Goods & Services Tax (GST) regime keeping in view the entrepreneurs face numerous challenges in doing business in the land-locked state.

The Association of Industries, Gangyal, took a MSME delegation to meet J&K Minister for Industries & Commerce Chander Prakash Ganga.

During the meeting, the delegation led by association president Rajan Jain, apprised the Minister about the set back that the industry will face after the incentives get withdrawn under GST regime.

“The delegation discussed about the extension of present fiscal incentives to the industrial sector of J&K State under GST regime,” Jain said.

Jain stated that the State as well as Centre Government is giving various tax exemptions the industry like - VAT remission, Cashless VAT refund through SICOP on purchase of raw material CST exemption on sales outside the State for finished products, toll tax exemptions on purchase of raw material and sale of finished goods Central Excise duty refund / Self credit on value addition as defined separately for different category of products and no service tax charged to industry.

The delegation pointed that J&K being a land-locked state has unavailability of raw material and is also a sufferer due to militancy / cross-border terrorism. In spite of lot of incentives from State / Centre available in current regime  there is very less investment, low economic activity, low employment and low income generation since last 5 years.

“All these issues discourage the confidence of investors from within as well as outside the State,” Jain said. 

The delegation said that incentives under forthcoming GST are major issues which would impact the future of the industrial sector of J&K under GST.

The delegation urged the government to find ways to extend incentives to the industry under GST and save the existing industrial units from closure.

Jain also requested the Minister take industry delegations from the state to meet Union Finance Minister Arun Jaitley to discuss the matter.

Chander Prakash has assured to take up the matter further in order to boost the industry sector and bring more investment into the state. (KNN Bureau)


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