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08/06/2018 01:47pm

Power Amnesty Scheme is an industry friendly move: Jammu MSMEs

image Power Amnesty Scheme is an industry friendly move: Jammu MSMEs

Jammu, June 8 (KNN) Terming the Power Amnesty Scheme of J&K Government for the industries a positive step, the Federation of Industries Jammu (FOIJ) said the scheme will provide a great relief to the unit holders by helping clear the power dues without any interest and penalty as defined in the notification.

It was also resolved in the meeting that State Government should provide 5% incentives on sale value to Tiny, Micro & Small Scale Units not covered under the Central Excise prior to GST, units on account of zero rated supplies or on account of inverted duty structure in GST and the units covered under the Composition Scheme.

The members of the federation pointed that the state government is considering reimbursement of suitable amount in lieu of 2% CST and Freight Subsidy for the Interstate sale for which the requisite notifications which are still awaited resulting uncertainty prevails in the mind of working upnits depending on the Inter-State Sale.

Raising concern over slow industrial growth in state, federation requested for fiscal incentives of Income Tax reimbursement and GST at par with the North Eastern State, to the existing unit under substantial expansion and new units.

FoIJ urged the Chief Minister, Deputy Chief Minister and Finance Minister Syed Mohd Altaf Bukhari, to consider demand of incentives and other issues of the Federation.

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