BBIA hails DIPP's proposal for extension of fiscal incentives to J&K
New Delhi, Dec 15 (KNN) Bari Brahmana Industries Association (BBIA) hailed the Department of Industrial Policy and Promotion (DIPP) proposal for the extension of fiscal incentives to Jammu and Kashmir (J&K) state, under J&K IDS – 2017 by including GST and income tax reimbursement, transport and employment incentives during a meeting.
The meeting was held under the President ship of Lalit Mahajan in presence of Suresh Mahajan, Sr Vice President, Ajay Langer General Secretary, Vivek Singhal Secretary and Viraaj Malhotra Treasurer and other members.
The Members present in the meeting conveyed their heartiest thanks to His Excellency Governor Satya Pal Malik, K.K. Sharma, Advisor to Governor and Principal Secretary Industries & Commerce Department for their recommendations for the extension of fiscal incentives to J&K state.
Members said that we are hopeful that in near future huge Investment will be on cards in our State which will also help in the providing employment avenues to the local youths.
The Members present in the meeting also appealed to Malik and Sharma to resolve the pending issues of working Micro, Small, Medium Enterprises (MSME) units mostly run by the sons of the soil as requested during the Pre-Budget Meeting held at Jammu which includes.
The major issues projected included – grant of 5% budgetary support as State fiscal incentives to Micro & Small Scale sector of the State having sale up to Rs 5 crore, 100% of CGST refund to units covered under SRO 63 at par with the same incentive granted to Industrial units covered under Central Excise prior to GST, the freight subsidy up to destination to MSME units for the sale of their products to outside the State and one time opportunity to file GST refund claims against SRO No. 519/521 & 63.
Others were- extension of Power Amnesty Scheme, continuation of Toll Tax at Lakhanpur with the exemption to Industrial sector on raw materials and finished goods, removal of items from the negative list for industrial sector for the grant of State fiscal incentives and extension of State Fiscal incentives to new unit and units under substantial expansion, diversification and additional line of manufacturing.