Hailing the state budget, J&K MSMEs demand more incentives
Jammu, Jan 12 (KNN) The industries in Jammu have hailed the State Budget presented by J&K Finance Minister Haseeb A Drabu in which several issues concerning the industrial sectors have been highlighted.
In this regards, the members of Bari Brahmana Industries Association (BBIA) held a meeting under the President-ship of Lalit Mahajan.
Mahajan said most of the issues related to the Industrial Sector, as highlighted by BBIA in the Pre-Budget discussions, have been resolved in the Budget presented by the Finance Minister, J&K.
BBIA thanked the state government for providing relief to the industrial sector in the Budget which according to them would provide a great relief to the existing industries.
Mahajan said, “While going through the Budget proposal it has been observed that the SGST Incentive announced by the Government for the units not covered under the Central Package of Incentives confined to only Value Addition which is not sufficient for the survival of Existing Small Scale Units working in the State.”
Moreover no provision has been provided in the Budget for providing CGST to the Existing Units and SGST/CGST Incentive to the Units under Substantial Expansion and New Industrial Units, Mahajan added.
The MSMEs from the region urged the state government to consider certain measures such as - Reimbursement of 5% Incentive on Turnover and other Incentives like Reimbursement of Provident Fund, ESI and Electricity Duty; Removal of Negative List of the Raw materials used by the Industrial Units for the manufacturing of Finished Goods; Removal of Negative List for the Industrial Units in respect of SGST/CGST Reimbursement; Transport Subsidy Incentives should be given to all the Units for Interstate Sale upto Destination in spite of beyond 1000km; and All Incentives should be given to the Existing Units, Units Under Substantial Expansion and New Units. (KNN Bureau)