Existing J&K industry being neglected by UT Govt: AOI

Excelsior Correspondent
JAMMU, May 9: Association of Industries, Gangyal has expressed its dismay over the neglecting attitude of the J&K UT Government towards existing industry.
In a press statement, president of the Association, Rajesh Jain has urged the Government of J&K UT to shun its approach of neglect towards existing Industry as existing Industry can become the grand ambassador of the Govt to fetch fresh investment. The flourishing of existing industry shall be an attraction for new investment, he said.
Jain stated that they will be happy if the fresh investment comes to J&K but the Government should also take care of the existing Industry. It is not beneficial for the Government and the existing Industrial sector of J&K UT to ignore the existing Industry. The Govt has announced incentives for the new Industry which is again a welcome step but the Govt should look into the fact that the existing Industry is running at very low cost of incentives but providing employment to the higher number of employees as compared to the new Industry.
The Association said that the Govt has announced reimbursement of gross GST on invoice value to the new Industry whereas, only refund of SGST that too on value addition only is being provided to the existing Industry. It is pertinent to mention here that under the State Industrial Policy 2021, the SGST reimbursement has been provided to the existing Industry but denied to the industries under substantial expansion and which undertake change of line of activity.
The AOI has appealed to the Lt Governor Manoj Sinha to come to the rescue of exiting Industry and issue instructions to the concerned authorities to formulate an incentive package for existing industry to provide the reimbursement of gross GST of invoice value.

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