Excelsior Correspondent
UDHAMPUR, July 21: To highlight the concern over the fate of various incentives to the local industry under GST, a meeting of Association of Industries (AoI) Udhampur was held here today under the chairmanship of Pardeep Bakshi
The members, present in the meeting, urged the Centre and State Government to continue the incentives to them under Goods & Services Tax (GST) regime keeping in view the numerous challenges in doing business in the land-locked State.
Raghubir Gandotra, senior vice president of the Association, said that the unit holders were facing many problems after implementation of GST because the incentives get withdrawn under the new tax regime.
Sukhdev Singh said that State as well as Central Government were giving various tax exemptions to the industry like – 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 members pointed that J&K being a land-locked state has unavailability of raw material and is also a sufferer due to militancy, cross-border terrorism. In spite of lot of incentives from State / Centre available in previous regime, there was very less investment, low economic activity, low employment and low income generation since last 5 years.
Members said that incentives under GST are major issues which would impact the future of the industrial sector of J&K under new tax regime.
Association urged the Government to find ways to extend incentives to the industry under GST and save the existing industrial units from closure.
The Association decided o write a letter to PM Narinder Modi and Union Finance Minister Arun Jaitley to discuss the matter for smooth running of industries in Jammu and Kashmir.
The meeting was attended by Pardeep Bakshi, Raghubir Gandotra, Ravinder Thakur, Sushil Sharma, Jai Singh, Vikas Dubey, Sanjeev Sharma, Mohit Agarwal, Mahinder Pal and others.
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