JAMMU, Sept 14: A delegation of Bari Brahmana Industries Association (BBIA) led by its president Lalit Mahajan, called on Union Minister of State, Finance and Corporate Affairs in New Delhi and projected the issues of the Industry in J&K.
Mahajan assisted Satish Kaul, president, JK Pharmaceutical Manufacturer’s Association and Vikram Jain, Executive Member of Sarafa Association, presented a memorandum to Union Minister at New Delhi today for the extension of Fiscal incentives for the revival and fresh investment in Industrial as well as Service sector and establishment of Gem and Jewellery Industrial Park in Union Territory of Jammu and Kashmir.
Lalit Mahajan drew the attention of the Minister that it is the need of the hour to provide Fiscal Incentives in Union Territory of Jammu and Kashmir to new as well as existing working Units and Service sector which includes the Medical, Education, Tourism and other related Sectors to provide support to the Unit holders who are working since long in spite of all the odds and providing direct and indirect employment to around four to five lakhs peoples of the State as the Industrial Sector is surviving in our State on the basis of Fiscal incentives given to existing Industry by State/Central Govt from time to time for their survival keeping in mind the hilly terrain, limited market within the State due to surrounded by hostile neighbours like China & Pakistan and other related factors.
During the course of discussion, Mahajan also highlighted the various issues related to the Industrial Sector and requested for the extension of Fiscal incentives for the revival and Fresh investment in Industrial as well as Service sector and establishment of Gem and Jewellery Industrial Park in Union Territory of Jammu and Kashmir which will provide employment to local unemployed youths of the State.
The main issues projected in the memorandum projected are provision of Central package of fiscal incentives for next 20 years, reimbursement of 100% CGST/SGST to existing units, units under substantial expansion and new Units, 5% on the Intra-State sale value of goods to existing Units, units under substantial expansion and new units on the pattern of VAT remission prior to GST, 5% reimbursement of Freight by road on the import of raw materials by all units and continuation of Toll tax at Lakhanpur on the goods.