FOIJ hails governor’s recommendation to PM for the extension of fiscal incentives to J&K

New Delhi, Aug 9 (KNN) The Federation of Industries Jammu (FOIJ) has hailed J&K Governor NN Vohra’s recommendation to Prime Minister Narendra Modi, Union Finance Minster Piyush Goyal and Union Minister of Industries and Commerce, Suresh Prabhu for extension of incentives to J&K State at par with North Eastern State Industrial Development Scheme.

In a meeting of FOIJ, Lalit Mahajan, Chairman FOIJ conveyed thanks to Governor Vohra for highlighting the present scenario of the industrial development in J&K which is suffering very badly due to non-availability of the Central Government Fiscal Incentive to the new industrial units and units under substantial expansion at par with the North Eastern State Industrial Development Scheme notified by government of India resulting in flight of capital from J&K State.

It was further resolved that government of J&K should take up the matter with government of India for the extension of all Central Government Fiscal Incentives to existing units also for the survival.

Raising the other concerns, association members appealed to Governor N.N Vohra to resolve the pending issues with the state government in respect of industrial sector of J&K which includes the issuance of notification for the grant of budgetary support of two per cent in lieu of CST and Freight Subsidy as approved in the State Budget for the year 2018-19 from July 8, 2017.

Besides, Other issues that they highlighted includes 42 per cent of CGST not given to units covered under SRO 63, five per cent turnover incentive on local sale of MSME Sector with Rs 1.5 crore turnover exempted under Central Excise prior to GST regime and units covered under zero per cent GST category along with the extension of all the State Fiscal Incentives to existing units, units under substantial expansion and new units also.