Excelsior Correspondent
JAMMU, Oct 1: Federation of Industries Jammu (FOIJ), has demanded extension in the present fiscal incentives under GST regime to the industrial sector in the State.
A meeting of the Executive Committee members of the Federation of Industries, Jammu was held here today under the chairmanship of Lalit Mahajan, chairman, FOIJ to discuss the issue in respect of extension of present fiscal incentives under GST regime for the survival of Industrial sector of J&K.
It is pertinent to mention here that the Central and State Govt have given in past fiscal incentives to the Industrial units in J&K state to neutralize the additional cost on the import of raw materials and export of finished goods to other parts of the country which includes the refund of Central Excise duty, CST refund and other related incentives like capital investment subsidy, interest subsidy and insurance subsidy etc along with the VAT remission and other incentives as per new State Industrial Policy 2016.
At present, the major issue involves for the future of the Industrial sector of J&K under GST regime to find out the ways & means to provide fiscal incentives to the Industrial units of J&K under GST regime for which a deliberation should be done with the Stake holders.
Members present in the meeting raised serious concern that at present no representation was given to Federation of Industries, Jammu in the GST Committee constituted by the State Govt whereas, the Chairman of the Federation of Industries Kashmir has been included as one the members of the said committee which we term as discrimination against Jammu Industrial sector.
Further, in the proposed GST Act, Service Tax component has been included where as in J&K no Service Tax is applicable at present, so State Industries should be kept out of this burden under GST regime.
The meeting was also attended by Rajesh Jain, Romesh Badyal, Jainder Aul, Rajinder Gupta (Co-Chairmen FOIJ), SB Abrol secretary general, Ajay Langer Convenor FOIJ and others.
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