STATE TIMES NEWS
JAMMU: A delegation of Federation of Industries (FoI), Jammu led by its Chairman Lalit Mahajan submitted a memorandum to Arun Jaitley Union Finance Minister seeking extension of current central package of incentives under GST Regime for ensuring overall growth of industry in the State. While congratulating the Union Finance Minister for his sincere efforts for the passage of Goods and Service Tax Bill by the Parliament which will open a new era in the simplification of Tax System in our Country and also help in the rapid growth in economy under his able leadership, Mahajan sought for extension of aforesaid incentives for the growth of Industry under the guidance of Chander Parkash, Minister for Industries and Commerce in next five years by establishing the Industrial Corridor from Jammu to Kathua.
Mahajan also informed the Union Finance Minister that as on date the industrial sector is providing direct and indirect employment parallel to the state government and 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 to provide some attraction for the inter-state sales from the State. “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 said adding that the very purpose of providing incentives to the industry in the State was to promote employment and industrialisation which may get defeated unless such incentives are restored. H4e urged Jaitley to extend the present fiscal incentives which include 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 under the GST regime for the remission of VAT. After giving a patient hearing, Jaitley, assured an early redressal. Rajesh Jain, Vijay Aggarwal, Ajit Bawa, Romesh Badyal, Rajinder Gupta (Co-Chairmen), Ajay Langer Convener and other members of FoI also accompanied the delegation.
