Excelsior Correspondent
JAMMU, Oct 31: Industrial stake holders from Jammu, Samba, Kathua and other parts of the region today strongly demanded review of State fiscal incentives sanctioned by J&K Government recently.
A joint meeting of the Industrial Associations of Bari Brahmana, Samba, Kathua and Udhampur was held today under the chairmanship of Lalit Mahajan, president BBIA in presence of Vijay Aggarwal, president, Association of Industries, Samba, Ajit Bawa, president Kathua Industrial Units Association, Ravi Malgooria, president Associated Chamber of Commerce & Industries Udhampur, Suresh Mahajan, senior vice president, Ajay Langer, Vivek Singhal, secretary, Viraaj Malhotra, treasurer (BBIA), Sandeep Mittal, general secretary Kathua Industrial Units Association and others to discuss the Fiscal Incentives sanctioned by State Govt by providing relief to the Industrial units of J & K with the refund of 100% SGST on cash ledger basis, 42% balance CGST under the Central Govt package and budgetary support in the next State budget in lieu of CST on the interstate sale.
The members present in the meeting conveyed their gratitude to the Chief Minister, Industries Minister and Finance Minister for their sincere efforts to provide the financial support under GST regime to the Industrial sector of J & K.
They pointed out that Industrial growth in the State witnessed since 2002 with the introduction of Central/State Govt. Incentives resulting employment to lakhs of peoples of the State with the overall socio-economic growth in the respective areas of Industrial hubs from Lakhanpur to Kashmir valley but with the introduction of GST since July 2017 the confidence of Industrial units has shattered due to limited incentives given under the Central package of incentives.
The members raised serious concern in respect provision under the State package of incentives for the refund of SGST on the basis of amount deposited by the unit holders after the adjustment of Input Credit in contrary to the VAT remission prior to the GST regime which was available on the basis of Invoice Value and totally against the promises made by the State Govt.
They said no State incentives have been given in respect of CGST to be deposited by the local units who were not registered with the Central Excise department prior to GST regime with the turnover below Rs 1.50 crores and exempted units under the Central Excise Act resulting uncertainty prevailing in the mind of such Units.
It was jointly resolved that Govt should reconsider their decision by amending the provisions of the said notification pertaining to refund of 100% SGST value instead of cash ledger, refund of 29% IGST and 100% CGST value to the Industrial units not covered under the Central Package of incentives and budgetary support scheme should also be extended to all the Units not registered under Central Excise prior to GST by refunding of 2% amount on the Invoice Value in lieu of CST with effect from 08-07-2017.
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