FOIJ seeks fiscal incentives for MSMEs in the state

Jammu, Apr 26 (KNN) The Federation of Industries Jammu (FOIJ) has presented a memorandum to the Advisors to the Governor of the State for grant of state fiscal incentives to Micro, Small and Medium Enterprises (MSMEs) for the rapid industrial growth in Jammu & Kashmir (J&K).

A delegation of FIOJ led by Lalit Mahajan, Co-Chairman FOIJ and President of Bari Brahmana Industries Association (BBIA), presented the memorandum to K Skandan and K K Sharma, Advisors to the Governor.

During the discussion meeting, Mahajan highlighted the industries issues in the state and said that the present State fiscal incentives are not adequate as compared to pre GST regime for micro & small scale sector of the state.

In this regard, he demanded more incentives for the existing micro & small scale units of the state for their survival for intra-state sale.

He requested for the 100 percent of CGST refund to micro & small units covered under SRO 63 at par with the same incentive granted to industrial units covered under Central Excise prior to GST, reimbursement of freight for the incoming of raw materials, transport subsidy for interstate sale by road up to destination instead of beyond 1000 km.

Besides this, delegation demanded extension of all the state fiscal incentives to new units and units under substantial expansion; budgetary support to industrial units engaged in the roasting of groundnuts/ cashew & decortications of walnut/almond /pistachio; removal of toll tax on raw materials of exportable items to outside the country from J&K State.

In addition, their list of demands includes ease of doing business concept to be adopted by the Power Development Department for the sanction of power connections and simplification of procedure for the surrender of power connections by industrial units with the grant of Powers to concerned Executive Engineers on Divisional level.

On the above discussed matters, Advisors to Governor assured the delegation that the government is very keen for the development of industries in our State and will resolve the issues highlighted above related for speedy industrial growth.