Extension of DIPP package of Incentives to boost industry: FoIJ

Excelsior Correspondent
JAMMU, Apr 28: A Meeting of the members of Federation of Industries, Jammu (FoIJ) was held here under the chairmanship of  Lalit  Mahajan  chairman, FoIJ.
The meeting was attended by  Rattan Dogra,  Jatinder Aul,  Ajit Bawa,  Vijay Aggarwal,  Deepak Dhawan,  Rajinder Gupta, Ravi Malgooria (co-chairmen),  Pardeep Vaid, secretary general,  Suresh Mahajan senior vice president BBIA,  Bansi Lal Gupta senior vice president, AoI Gangyal,  Vivek Singhal secretary BBIA & other Executive members of Federation of Industries to discuss the extension of DIPP package of Incentives to J&K Industrial Units.
Members present in the meeting complimented Narendra Modi, Prime Minister, Arun Jaitley, Union Finance Minister,  Mehbooba Mufti, Chief Minister, Dr Nirmal Kumar Singh, Dy. Chief Minister and Syed Mohd Altaf Bukhari, Finance Minister for the extension of DIPP package of Incentives to Industrial Units located in J&K from 15-06-2017 to March 2022 to all the new units & units under substantial expansion.
While going though the package of Incentives notified by DIPP the Incentives was granted to all new industrial units and existing industrial units undertaking substantial expansion in manufacturing sector and services sector including Bio-technology and Hydel Power Generation units up to 10 MW located in the State of Jammu & Kashmir, will be eligible for incentives under the scheme. The package of incentives includes Central capital investment incentive for access to credit (CCIIAC) at the rate of 30% of the investment in plant and machinery with an upper limit of Rs 5 crore, 3% Central Interest Incentive (CII) on working capital credit, reimbursement of 100% Central Comprehensive Insurance Incentive (CCII).
During the course of discussions, members raised the issue in respect of uncertainty prevailing in the minds of micro & small scale sector unit holders having less than 1.50 crore turnover & not covered in the Central Excise prior to GST, as the fiscal Incentives granted vide SRO No. 63 for the refund of SGST only, whereas the units covered under the SRO No. 521 entitled for the refund of 58% CGST as per Central Government package of incentives and 42% refund by the State Government due to which un healthy competition foreseen in near future by the micro & small scale sector of the State as these units not able to get any benefit for the CGST paid.