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Federation of Industries Jammu approaches Chief Minister for revival of MSME sector

Updated: Apr 20, 2018 12:05:14pm
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Federation of Industries Jammu approaches Chief Minister for revival of MSME sector

New Delhi, Apr 20 (KNN) Seeing the detoriating situation of MSME sector in Jammu & Kashmir post GST, a delegation of Federation of Industries Jammu under the Chairmanship of Lalit Mahajan met Chief Minster Mehbooba Mufti to discuss the issues and challenges along with measures to protect the sector from the distress.

FOIJ said MSMEs continue to suffer stress under the newly implemented GST system which has resulted in decline in industrial growth.

Due to non-availability of fiscal incentives to the new units under GST regime, the financial resources of Jammu and Kashmir are flowing out to other states.

Also, with non availability of job avenues in the state, the situation has turned even worse. As youths of the state are shifting to other parts of the country for jobs.

Industrial units are not competitive enough in the region because of locational disadvantages, FOIJ pointed.

Suggesting measures to the Minister, he said that GST refunds should be made available to industries on quarterly basis instead of monthly basis.

He asked for budgetary support from the government to the units under substantial expansion.

Also, Mahajan requested the Minister to provide relief to Micro & Small Scale Unit having annual turnover less then Rs. 1.5 crores by refund of 42% CGST along with the reimbursement of 5% incentive on sale turnover to such units covered under the SRO 63 and selling their product within the state.

In a bid to attract new investments in the state, Mahajan requested the Chief Minister to take this matter to the Prime Minister for extension of central package of incentives at par with North Eastern States.

Chief Minister Mehbooba Mufti assured the delegation that the issues related to the industrial sector of the state shall be resolved on priority basis. (KNN/YV)

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