New Delhi, Oct 31 (KNN) c have raised concerns over the announced provision under the package.

Federation of Industries Jammu (FOIJ) in a press release informed that fiscal incentives after GST has been decreased and it is not in the best interest of the industry, especially the Micro, Small and Medium Enterprises of the state.

FOIJ said that the situation is growing from bad to worse and is impacting the business negatively.

Federation of Industries Jammu said that it has already rejected the government’s GST Budgetary Support Scheme which includes reimbursement of 42% of the budgetary support of the CGST component for the period the scheme is valid and 100% reimbursement of SGST paid by the eligible units after utilization of the input tax credit.

According to the FOIJ , the government  has not taken into account that earlier VAT was 100% exempted in the shape of remission  but  now the VAT component of the GST is being paid by buyers  at the time of purchase of inputs. The present budgetary support of the State Govt. covers only the element of value addition but it should ideally reimburse the entire SGST component of the invoice.

Urging the government to take cognizance, The Federation of Industries Jammu has submitted a memorandum demanding a  100% refund of SGST of Invoice Value., 42% CGST support on value addition to all industries and 2% Budgetary Support of interstate sale in lieu of CST exemption. (KNN/AG)