Jammu MSMEs upset over no inclusion of representative in GST Committee formed by J&K Govt

Jammu, Oct 1 (KNN) Jammu MSMEs are upset with the state government over non-inclusion of their representative in the GST Committee formed by the J&K Government in order to present their issues and demands in front of the policy makers.

The entrepreneurs raised serious concern that at present no representation was given to Federation of Industries Jammu (FOIJ) in the GST Committee constituted by the State Government.

FOIJ said, “The Chairman of Federation of Industries, Kashmir, has been included as one the members of the said committee which we terms as discrimination with the Jammu Industrial Sector. We demand that Chairman of Federation of Industries Jammu should also be  inducted as a Member of GST Expert Committee constituted by the State Government with the participation of Presidents of all the Associations from Jammu/Kashmir in the said Committee for detailed deliberations.”

In this regard, a meeting of the Executive Committee Members of FOIJ was held under the Chairmanship of Lalit Mahajan, Chairman, FOIJ, to discuss the issue in respect of extension of present fiscal incentives under GST Regime.

Mahajan said, “It is pertinent to mention here that the Central Government and State Government has given in past fiscal incentives to the industrial units located in the State to neutralize the additional cost on the import of raw materials and export of finished goods to other parts of the country which includes the refund of Central Excise Duty, CST Refund and other related incentives like Capital Investment Subsidy, Interest Subsidy and Insurance Subsidy etc along with the VAT Remission and  other Incentives as per New State Industrial Policy 2016.”

At present, the major issue involves for the future of the industrial sector of J&K under GST Regime to find out the ways & means to provide fiscal incentives to the industrial units of J&K under GST regime for which a deliberation should be done with the stake holders, Mahajan added.

Further, in the proposed GST Act, Service Tax component has been included where as in J&K no Service Tax is applicable at present, so state industries should be kept out of this burden under GST regime, said FOIJ Chairman. (KNN Bureau)