New Delhi, Sept 21 (KNN) In the aftermath of  continued delay in  issuing of notification of the announced incentive under the Goods and Services Tax (GST), an MSME delegation met Commerce Minister Suresh Prabhu seeking his intervention.

The Delegation apprised the Commerce Minister that comprehensive industrial incentive package of 2002 helped promote and encourage industrial growth in the State wherein industrial units were provided Central Excise benefits besides Income Tax holiday for 10 years.

Citing  the recent announcement the delegation informed that through revised set of incentive as announced in 2017 Central Excise benefits have been extended for the residual period upto ending March-2027 ignoring the bonafide interests of existing units and units who are in the process of substantial expansion.

The delegation also said VAT remission provision that's used to exist protected the local MSME industrial units. But post GST, it was revoked.

Responding to the issues the Minister  informed  that a separate policy and special package of incentives is under formulation exclusively for North-Eastern State.

He assured to include J&K State in the ambit of the new policy.

The Minister further assured to favourably consider to meet the aspirations of the industrial sector in Jammu and Kashmir specifically towards the MSME sector. (KNN/DA)