STATE TIMES NEWS
JAMMU: Federation of Industries, Jammu (FOIJ), demanded extension of Present Fiscal Incentives under GST Regime for the survival of industrial sector of J and K.
It is pertinent to mention here that the Central and State Governments have given in past fiscal incentives to the industrial units located in the State to neutralise 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.
Chairmanship FOIJ, Lalit Mahajan said “At present the major issue involves for the future of the industrial sector of J and K under GST regime to find out the ways and means to provide fiscal incentives to the industrial units of J and 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 Government whereas the Chairman Federation of Industries Kashmir has been included as one the members of the said committee which we term as discrimination with the Jammu Industrial Sector.
“We demand that Chairman Federation of Industries Jammu to be inducted as a Member of GST Expert Committee constituted by the State Government with the participation of Presidents of all the Associations from Jammu/Kashmir in the said Committee for detailed deliberations,” the members said.
Further, in the proposed GST Act, Service Tax component has been included where as in J and 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), S.B Abrol Secretary General, Ajay Langer Convener FOIJ and other office bearers of all the constituents of Federation of Industries, Jammu.