Excelsior Correspondent
JAMMU, July 26: To achieve the vision of developing the industrial sector of J&K, CII delegation comprising of senior industry leaders from J&K met Dr Jitendra Singh, Union Minister of State, PMO.
CII delegation apprised him about various macro level challenges and issues being faced by the industries of the State and expressed the need to capitalize the inherent strengths of J&K which primarily includes tourism, food processing, horticulture and agro based Industries.
The members had taken up the issues related to GST which includes the reduction of GST rate on almond kernels from 12 per cent to 5 per cent and exemption of fortified wheat flour from the purview of GST regime at par with milk as per FSSAI guidelines.
Furthermore, the delegation briefed the need to extend the central excise exemption to new industrial units established after 2010 for giving support to the budding industries and making them competitive.
Also, various fiscal incentives that should be provided to the industries of J&K for their growth which includes the reimbursement of 2 per cent of the value of invoice to industrial units on their produce in lieu of 2 per cent CST which was exempted to local industries, reimbursement of centre’s share of income tax for first five years including the year of commencement of commercial production by the unit and to assist the industries by giving transport subsidy to finished goods exported by the industries located in J&K.
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