Jammu MSMEs want extension of fiscal incentives to industrial sector of J&K under GST

Jammu, Aug 13 (KNN) Bari Brahmana Industries Association (BBIA) has urged the Union Finance Minister Arun Jaitley, Dr. Haseeb A Drabu, Finance Minister J&K and Chander Parkash, Industries & Commerce Minister J&K that the present excise duty incentive with 100% refund should be continued under the GST regime.

They urged for  exemption from CGST to be extended on the same pattern to the industrial sector with a provision to provide relief to industrial sector for the sale of their products within the states with the remission of SGST.

BBIA in a statement said that mechanism for such incentives should be worked out in association with State Industries Department to ensure that Industry is not put to further hardships.

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.

“It is pertinent to mention here that at present the excise duty refund incentive is applicable to industrial sector of J & K to meet the stiff competition for the export of goods to other parts of the country as well as sale in the local market. Moreover the state government also provided relief to industrial sector by way of VAT remission and CST exemption for the sale of finished goods to other parts of the country,” it said.

Stressing on the major issues of J&K industries, BBIA said that 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 with the participation of industrial associations & federation of industries Jammu/ Kashmir. (KNN Bureau)