Power amnesty scheme for industries right step: FoIJ

Excelsior Correspondent
JAMMU, June 6: Federation of Industries Jammu (FoIJ), has described the power amnesty scheme of the State Government for the J&K industry, a step in right direction.
The FoIJ in a meeting held at Bari Brahmana today, under the leadership of Lalit Mahajan, the members lauded the steps taken by Mehbooba Mufti Govt and extended gratitude to CM, DyCM (Minister Incharge Industry), Kavinder Gupta and Sunil Sharma, Minister Incharge, Power.
The members present in the meeting while extending their gratitude to the State Government said that this move has provided big relief to the industrialists in the State. They termed it as a positive step towards the Industrial friendly attitude of the Govt.
It was also resolved in the meeting that State Govt should provide 5% incentives on sale value to tiny, micro and small scale units not covered under the Central Excise prior to GST, units on account of zero rated supplies or on account of inverted duty structure in GST and the units covered under the composition scheme.
They said the State Govt is considering the reimbursement of suitable amount in lieu of 2% CST and freight subsidy for the interstate sale for which the requisite notifications which are still awaited, resulting uncertainty in the minds of working unit holders. It is pertinent to mention here that the Industrial growth in J&K State is already at a lowest level since last two years due to not availability of fiscal incentives and if the Central Govt provides incentives of Income Tax reimbursement and GST at par with the North Eastern State, to the existing, unit under substantial expansion and new units the rapid industrial growth may be foreseen in near future.
FoIJ urged upon the Chief Minister, DyCM and Finance Minister Syed Mohd Altaf Bukhari, to consider demand of incentives and other issues of the Federation.