J&K industries demand extension of state industrial policy and exemption from Service Tax in proposed GST
Updated: Jun 08, 2015 12:49:09pm
Jammu, Jun 8 (KNN) Jammu industries have demanded extension of the state industrial policy from the state government which is going to expire on June 30, 2015 and they have also urged to exempt industrial sector from the preview of goods and services tax.
“An urgent meeting of the members of the Bari Brahmana Industries Association was held under the chairmanship of, BBIA President Lalit Mahajan to discuss the State Industrial Policy which is going to expire on 30-06-2015 along with other fiscal incentives which also includes VAT remission to Industrial Sector till the adoption of GST,” said a release from BBIA.
In the meeting held on Saturday with the state Chief Minister Mufti Mohd Sayeed; State Finance Minister Haseeb Drabu and Jammu Industries and Commerce Minister Chander Parkash, the industry body urged that the present fiscal incentives including VAT remission and toll exemption should be continued till the introduction of the GST in the state.
They also demanded that the exemption from central goods and service tax should be extended on the same pattern to the industrial sector, for which a mechanism for such Incentives be worked out with the consultation of stake holders at an early date, so to ensure that Industry should not put for further hardships.
Further, they said that in the proposed Goods & Services Tax (GST), the service tax component has been included whereas in J&K no service tax is applicable to industrial sector on job work at present. They said the industrial sector of the state should be kept out of preview of service tax in GST regime also.
BBIA also requested the chief minster to lead a high level delegation of the state to meet Prime Minister Narendra Modi for the restoration of central excise package, income tax holiday and rationalization of DIPP package with neutrality of location for the existing as well as for new Industrial units of Jammu and Kashmir till the adoption of GST by the state government.
They demanded that incentives should be available to the industrial sector of the state under GST regime for rapid growth of industrialisation in the state. (KNN/ST)
“An urgent meeting of the members of the Bari Brahmana Industries Association was held under the chairmanship of, BBIA President Lalit Mahajan to discuss the State Industrial Policy which is going to expire on 30-06-2015 along with other fiscal incentives which also includes VAT remission to Industrial Sector till the adoption of GST,” said a release from BBIA.
In the meeting held on Saturday with the state Chief Minister Mufti Mohd Sayeed; State Finance Minister Haseeb Drabu and Jammu Industries and Commerce Minister Chander Parkash, the industry body urged that the present fiscal incentives including VAT remission and toll exemption should be continued till the introduction of the GST in the state.
They also demanded that the exemption from central goods and service tax should be extended on the same pattern to the industrial sector, for which a mechanism for such Incentives be worked out with the consultation of stake holders at an early date, so to ensure that Industry should not put for further hardships.
Further, they said that in the proposed Goods & Services Tax (GST), the service tax component has been included whereas in J&K no service tax is applicable to industrial sector on job work at present. They said the industrial sector of the state should be kept out of preview of service tax in GST regime also.
BBIA also requested the chief minster to lead a high level delegation of the state to meet Prime Minister Narendra Modi for the restoration of central excise package, income tax holiday and rationalization of DIPP package with neutrality of location for the existing as well as for new Industrial units of Jammu and Kashmir till the adoption of GST by the state government.
They demanded that incentives should be available to the industrial sector of the state under GST regime for rapid growth of industrialisation in the state. (KNN/ST)
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