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BBIA J&K raises serious concerns pertaining to state industrial growth

Updated: Jul 20, 2018 06:17:08am
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BBIA J&K raises serious concerns pertaining to state industrial growth

New Delhi, July 20 (KNN) A delegation of industrialists under the aegis of Bari Brahmana Industries Association (BBIA) apprised Jammu & Kashmir Interlocutor Dineshwar Sharma about the challenges they are facing in running industries in the state.

BBIA Chairman, Lalit Mahajan met Dineshwar Sharma and raised serious concerns with respect to negative Industrial growth in the state stating that the Central Government has failed to extend the fiscal incentives to the Industrial Sector of J&K at par with North Eastern States which includes extension of Income Tax Reimbursement, Central Government GST and Freight Subsidy Incentives resulting into flight of capital from the State, Setting up of Mother Industry & Cross- LOC Trade with the inclusion of Industrial Items being manufactured in J&K in the SOP.

The issues regarding the non-issuance of notifications for the grant of Budgetary support of 2% in lieu of CST and Freight Subsidy as approved in the State Budget for the year 2018-19 for Industrial Sector of J&K were also brought into the notice of the interlocutor.

Besides, Micro & Small Scale Sector of the State is also suffering very badly due to non- availability of State Fiscal Incentives as compared to pre GST Regime for the units which were not covered under the Central Excise Regime with a turnover of less than 1.5 Crore, BBIA pointed.

The association appealed Sharma to take remedial measures for the state otherwise Industrial activities shall be stand still in near future & lakhs of Industrial workers may lose their jobs which will result into many fold increase in the unemployment graph of our State.

Mahajan request Dineshwar Sharma to take up the matter with Central/State Government to resolve the issue on priority basis for the rapid industrial growth in our State to avoid any flight of capital from our State & also save the Micro & Small Scale Sector from Closer.

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