MSMEs in J&K meet State Finance Minister demanding extension of package-fiscal incentives

New Delhi, Sept 8 (KNN)  In order to voice their demands regarding extension of state package and fiscal incentives, the Micro, Small and Medium Enterprises (MSMEs) recently held discussion with the Finance Minister of the State Haseeb A, Drabu.

The MSME body Bari Brahmana Industries Association (BBIA) organized the meeting in which the sector discussed the grey dimensions under the announced package for the industries in the hilly regions of the country.

BBIA briefed the finance minister that the MSMEs are facing problem due to delay in the official notification with regard to the announced scheme for the industries.

BBIA President Lalit Mahajan also highlighted that the initial assessment of the announced scheme suggest that the package is being granted granted only to those Units who were getting Central Excise Benefits prior to the GST for their Residual Period up to 31-3-2027 whereas no Incentives will be given to Existing Units, units who in the process of Substantial Expansion & New Units.

Mahajan that prior to GST Regime, thousands of Small Scale Units of our State did not avail the Excise Duty Incentives due to Excise Exemption up to 1.50 Crores but under the GST Regime the Exemption is limited to only 20 Lacs resulting great Resentments amongst the SSI Units who are not brought into the ambit of GST  as the Central package of Incentive announced that suggest  it being limited to the Units who were availing the Excise benefits prior to the GST under the Central Excise Notification 56 & 57 of 2002 AND 1/2010.

Responding to the MSMEs, Finance Minister Drabu said that State Govt. will issue the relevant notifications of State Package of Incentives to Industrial Units under GST Regime once it comes from the Central government,

Further, the Minister also assured the delegation that he has already taken up the issue with Central Govt. for the extension of central package of incentives to all the existing units, units under substantial expansion & new Industrial units up to 2027

The State Govt. will provide Fiscal incentives under state package of incentives to all the existing units, units under substantial expansion & new Industrial units, the Minister added.  

(KNN/ DA)