New Delhi, Aug 18 (KNN) Hailing the Centre for extending Central Package of incentives to the industries in Jammu and Kashmir under the GST regime, the Bari Brahmana Industries Association (BBIA) has sought package for existing units, the units which are in the process of process of expansion as well as new units.

The members of BBIA held a meeting in this regard and were thankful to Prime Minister Narendra Modi, Union Finance Minister Arun Jaitley, J&K Chief Minister Mehbooba Mufti and other Ministers for extension of Central Package of incentives to units located in J&K up to March 2027.

“It was resolved that the Units working in our State have a sigh of relief with the Extension of Central Package of Incentives under GST Regime which ends the uncertainty prevailed in the mind of the industrial units working  in our state,” said Lalit Mahajan, President, BBIA.

BBIA pointed that the incentives were granted only to those Units who were getting Central Excise Benefits prior to GST for their residual period up to March 31, 2027 whereas no incentives are being given to existing units and the units who are in the process of substantial expansion and new units.

Mahajan said, “It is pertinent to mention here that prior to GST Regime, thousands of MSMEs in J&K did not avail the Excise Duty Incentives due to Excise Exemption of upto Rs 1.50 Crores but under the GST regime the exemption is limited to only 20 lakhs resulting into great resentments amongst the SSI Units who are not brought into the ambit of GST  as the Central package of incentive announced, as per the News published in the Leading News Papers, was  only limited to the Units who are availing the Excise benefits prior to the GST under the Central Excise Notification 56 & 57 of 2002 AND 1/2010.”

BBIA has appealed PM Modi and other Central and State Ministers to consider their request for grant of fiscal incentives to all the Existing Units, Units under Substantial Expansion & New Industrial Units upto to 2027 with the full Refund of Central Government Share in IGST and CGST with the Extension of State Package of Incentives as early as possible.

This, the association said, will attract new investments in the state and also open doors for providing employment opportunities to the local youths of the state.

The Cabinet Committee on Economic Affairs gave its nod on Wednesday to the Scheme of providing Budgetary Support under Goods and Service Tax Regime for the eligible industrial units located in State of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim.

“Budgetary support of Rs. 27,413 crore for the said Scheme has been approved for the period from 1.7.2017 till 31.03.2027 for such industrial units located in aforesaid States which availed the benefit of Central Excise exemption prior to coming into force of GST regime,” CCEA had said in a release. (KNN Bureau)