Excelsior Correspondent
JAMMU, Aug 17: While describing extension of package of incentives to J&K as big relief to the industry here, Bari Brahmana Industrial Association (BBIA) has appealed to the Prime Minister and Union Finance Minister to extend this benefit to all the existing and new units in the State.
In a meeting of the members of Bari Brahmana Industries Association held here under the chairmanship of Lalit Mahajan, president, BBIA in presence of Suresh Mahajan, senior vice president, Ajay Langer general secretary, Vivek Singhal secretary and Viraaj Malhotra treasurer, the BBIA members discussed the extension of Central package of incentives to J&K Industrial units under GST regime.
Members conveyed their gratitude towards Prime Mini-ster Narendra Modi, Finance Minister Arun Jaitley, Chief Minister Mehbooba Mufti, DyCM Dr Nirmal Singh, Industries Minister Chander Parkash, and Finance Minister J&K Dr Haseeb Drabu for the extension of incentives to Industrial units located in J&K up to March 2027.
It was resolved that the units working in the State have a sigh of relief with the extension of Central package under GST regime which ends the uncertainty prevailed in the mind of the Industrialists working in the State.
While going through the package of incentives announced by Govt of India, it was observed that the incentives was granted only to those Units who are getting Central Excise benefits prior to the GST for their residual period up to 31-3-2027 whereas, no incentives were given to existing units and the units who are in the process of substantial expansion and the new units.
It is pertinent to mention here that prior to GST regime, thousands of Small Scale Units in J&K not availed the Excise Duty Incentives due to Excise exemption up to Rs 1.50 crore but under the GST regime the exemption is limited to only Rs 20 lakhs resulting great resentment amongst the SSI Units who are not brought into the ambit of GST as the Central package of Incentive announced, as per the news published in the media, was only limited to the Units who are availing the Excise benefits prior to the GST under the Central Excise Notification 56 & 57 of 2002 and 1/2010.
BBIA has appealed to the Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley and others to consider their request for grant of fiscal incentives to all the existing units, units under substantial expansion and the new industrial units upto to 2027 with the full refund of Central Govt share in IGST and CGST with the extension of State package of incentives as early as possible which will attract the new investment in our State and also open the doors for providing the employment opportunities to the local youth of the State.
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