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J&K Industrial Body Demands Payment Of Pending Fiscal Incentives For Existing Units

Updated: May 09, 2024 04:26:44pm

J&K Industrial Body Demands Payment Of Pending Fiscal Incentives For Existing Units

Jammu, May 9 (KNN) The Bari Brahmana Industries Association (BBIA), representing industrial units in the Jammu region, has called on the Lieutenant Governor to address long-pending issues related to fiscal incentives for existing working industrial units in the union territory.

In a statement, the BBIA highlighted concerns over the reduction of fiscal benefits for units operational as of March 31, 2021 in the post-GST regime compared to the pre-GST period.

According to the association, the total fiscal incentives granted by the state government prior to July 8, 2017, amounted to around Rs. 1000 crores, which included VAT remission, turnover incentives, and toll tax exemption.

However, post March 2021, these incentives have been diluted to approximately Rs. 500 crores, comprising GST reimbursement and reduced turnover incentives, as per a press release.

The group claims that delayed reimbursements, such as unpaid GST claims of Rs. 36.20 crores and turnover incentive claims against the approved budget of Rs. 50 crores for 2021-22 due to non-prioritisation by authorities, have exacerbated the challenges faced by industrial units.

Additionally, the BBIA raised concerns over certain industrial items being classified under the negative list by the Finance Department under SRO 63 of 2018, restricting access to fiscal incentives. This includes products like edible oil and roasted groundnuts consumed locally.

The association has requested the Lt. Governor to constitute a high-level committee under the Chief Secretary to urgently resolve pending issues related to fiscal incentives for the survival of existing industrial units in Jammu and Kashmir.

(KNN Bureau)


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