J&K industries disappointed over issues ignored in the state budget
Updated: Feb 15, 2014 04:45:46pm
Jammu, Feb 15 (KNN) Industry bodies in Jammu & Kashmir expressed disappointment over the issues like electricity duty; green channel for industrial sector for Lakhanpur check post, removal of negative list for industrial sector not being included in the state budget for 2014-2015.
“We also like to draw the kind attention of the Finance Minister Abdul Rahim Rather to consider the points not included in the budget proposals which has been also highlighted in the Pre-Budget Meeting,” said General Secretary of the Bari Brahmana Industries Association (BBIA), Lalit Mahajan.
The issues which were not addressed in the budget were, “Reduction in the rate of Electricity Duty which is highest in the country; Conversion of lease hold rights in to free hold rights for the Son's of The Soil having Industrial Unit; Green Channel for Industrial Sector for Lakhanpur check post; Removal of Negative List for Industrial Sector; and One time annual assessment of raw material and finished goods for Toll Tax Exemption instead of yearly annual assessment to avoid repletion of work,” according to BBIA.
Meanwhile, Mahajan hailed few announcements made by the State Finance Minister like - exemption to the industry from VAT for one year till 31-03-2015; introduction of cashless system in lieu of VAT for the purchase of goods through SICOP by introducing deceleration form.
The industry also welcomed the announcement to provide fund for the revival of sick units and creation of new industrial estates.
While presenting the state budget for 2014-15 on Thursday, Rather said that despite limited financial resources and multiple problems in the state, efforts have been made to provide succour to various sectors including trade, industry, tourism and farming.
The budget showed a total expenditure of Rs.43,543 crore with a capital component of Rs 10,595 crore. The budget envisaged the estimated tax revenue of Rs 7,496 crore and share of central taxes to be Rs 5,191 crore.
The budget also provided for a central non-plan grant of Rs 2,096 crores and projects the revenue expenditure at Rs 32,948 crore. (KNN/SD)
“We also like to draw the kind attention of the Finance Minister Abdul Rahim Rather to consider the points not included in the budget proposals which has been also highlighted in the Pre-Budget Meeting,” said General Secretary of the Bari Brahmana Industries Association (BBIA), Lalit Mahajan.
The issues which were not addressed in the budget were, “Reduction in the rate of Electricity Duty which is highest in the country; Conversion of lease hold rights in to free hold rights for the Son's of The Soil having Industrial Unit; Green Channel for Industrial Sector for Lakhanpur check post; Removal of Negative List for Industrial Sector; and One time annual assessment of raw material and finished goods for Toll Tax Exemption instead of yearly annual assessment to avoid repletion of work,” according to BBIA.
Meanwhile, Mahajan hailed few announcements made by the State Finance Minister like - exemption to the industry from VAT for one year till 31-03-2015; introduction of cashless system in lieu of VAT for the purchase of goods through SICOP by introducing deceleration form.
The industry also welcomed the announcement to provide fund for the revival of sick units and creation of new industrial estates.
While presenting the state budget for 2014-15 on Thursday, Rather said that despite limited financial resources and multiple problems in the state, efforts have been made to provide succour to various sectors including trade, industry, tourism and farming.
The budget showed a total expenditure of Rs.43,543 crore with a capital component of Rs 10,595 crore. The budget envisaged the estimated tax revenue of Rs 7,496 crore and share of central taxes to be Rs 5,191 crore.
The budget also provided for a central non-plan grant of Rs 2,096 crores and projects the revenue expenditure at Rs 32,948 crore. (KNN/SD)
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