BBIA claims limited growth in industrial sector of Jammu post GST; appeals Guv to provide relief to existing MSMEs

Jammu, Aug 3 (KNN) The Micro, Small and Medium Enterprises (MSME) body, Bari Brahmana Industries Association (BBIA) has claimed there has been a limited growth in the industrial sector in Jammu province post implementation of GST Regime.

The matter was raised during the meeting held under the Presidentship of BBIA Chairman Lalit Mahajan with respect of non-availability of fiscal incentives for new units and units under substantial expansion resulting very limited growth reported in the industrial sector of J&K.

During the meeting, BBIA asserted “It is the need of the hour that J&K Government should adopt measures on war footing basis for the revival of industrial growth in our state by providing the fiscal incentives to existing units, units under substantial expansion and new units to attract new investment in our state.”

The association appealed to the Governor to initiate measures including Reimbursement of 100% CGST deposited by the existing units not covered under the Central Excise prior to GST; Reimbursement of 5% on the sale value of Goods by existing MSME units/unit under substantial expansion on the pattern of VAT remission prior to GST.

It also asked for 5% reimbursement of freight by road on the import of raw materials by all the existing MSME units of the state and continuation of toll tax at Lakhanpur Checkpost on the goods being manufactured by MSME sector of the state.

To attract new investment in state, the association suggested that land shall be allotted on 90% lease basis with the option for the payment of land premium in five year without any interest with the reduction in the lease rent which is very high at present instead of 40 years at present; new Industrial estates shall be developed with the requisite Infrastructure in time bound manner and all the State/Central Incentives shall be for 20 Years for attracting Long Term Investment.

The association requested the Governor Satya Pal Malik to kindly intervene into the matter & issue necessary orders for the grant of state fiscal incentives for the development of industrial sector of J&K for which an urgent meeting should be convened by the Industries and Finance Department with the participation of stakeholders for threadbare discussions in this regard.