Excelsior Correspondent
JAMMU, Aug 22: Federation of Industries, Jammu, on Sunday submitted a memorandum to Arun Jaitley, Union Finance Minister, for the extension of Central Package of incentives under GST Regime.
A delegation of Federation of Industries, Jammu led by Lalit Mahajan, Chairman Federation of Industries, presented memorandum to Arun Jaitley in the presence of Dr Jitendra Singh, MoS Prime Minister Office, Jugal Kishore, Member Parliament, Sat Sharma (CA.) State BJP president, Dr Nirmal Singh, Dy Chief Minister, Chander Parkash, Minister for Industries & Commerce, MLC Ashok Khajuria and others.
During the course of discussions, Industries Minister Chander Parkash briefed the Union Finance Minister about the present Industrial scenario in the State and stressed the need for the extension of current benefits to the Industrial sector under GST regime.
Lalit Mahajan explained genuineness of the demand for overall growth of Industry in the State and informed the Union Finance Minister that as on date the Industrial Sector is providing direct and indirect employment parallel to the State Govt and hence, it is the need of the hour to encourage the Industrial Sector for investment in the State by extending the present Fiscal Incentives in the GST regime. “If these incentives are not restored in one form or the other in the proposed GST Regime, there would not be any difference between the prices of the goods in the State of J&K and other States. On the contrary, the prices of the goods in the State of J&K may be more than those in other States for the reason of additional cost of transportation etc and as a consequence, the industry in the State would no longer be able to compete with the industry in the other States,” he further explained.
Mr Mahajan requested the Finance Minister to extend the present Fiscal Incentives, which includes Refund of Central Excise, Income Tax Holidays, Extension of DIPP Package of Incentives and exemption of CST for the Interstate Sale at par with the North Eastern States and also provide sufficient funds to State Government for the relief to Industrial Sector under the GST regime for the remission of VAT, the present State Incentive to Industrial Sector.
Arun Jaitley assured the delegation that the Government of India will resolve the issues highlighted above related to the Industrial Sector as early as possible for speedy Industrial growth in the State which will provide employment to local unemployed youths of the State.
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