Excelsior Correspondent
JAMMU, Apr 13: A delegation Association of Industries, Gangyal led by its president Rajesh Jain met with Minister for Industries & Commerce, Chander Prakash Ganga to discuss the extension of present fiscal incentives to the Industrial sector of J&K State under GST regime.
The meeting was attended by SB Abrol, general secretary AOI-Gangyal; RP Sethi, RP Shastri, Rattan Dogra, Subash Aggarwal, Sweesh Anand, Abhinandan Singh Sachdev and Virendra Jain,
During the meeting Jain stated that the Govt is giving various tax exemptions to industry viz VAT remission, cashless VAT refund through SICOP on purchase of raw material CST exemption on sales outside the State for finished products, toll tax exemptions on purchase of raw material and sale of finished goods Central Excise duty refund / self credit on value addition as defined separately for different category of products and no service tax charged to industry.
The J&K State is being the land locked State surrounded by hostile neighbours due to militancy/ cross-border terrorism and unavailability of raw material inspite of lot of incentives from State / Centre available in current regime resulting very low investment, low economic activity, low employment and low income generation since last five years which discourage the confidence of investors from within as well as outside the State.
The incentives under forthcoming GST is one of the major issue which involves the future of the Industrial sector of State under GST regime to find out the ways that how to all incentives provided by State / Centre Govt be extended in GST to industry and save the existing industrial units from closure. Jain also requested the minister to take up the matter with the Union Govt for extension of all incentives in GST regime.
The Minister for Industries & Commerce assured the delegation about his concern on the subject also and assured that to put all efforts to save the existing industries.
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