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FOIJ hails Governor's recommendations for extension of fiscal incentives
Jamwal Mahadeep Singh8/8/2018 10:52:27 PM
Early Times Report
JAMMU, Aug 8: Federation of Industries Jammu (FOIJ) has hailed the recommendations made by Governor NN Vohra to Union government for extension of fiscal incentives given to Jammu and Kashmir.
According to press release, a meeting of FOIJ was held under the chairmanship of Lalit Mahajan Chairman FOIJ in presence of Rattan Dogra, Vijay Aggarwal, Ajit Bawa, Deepak Dhawan, Jetinder Aul Co-Chairman FOIJ, Pardeep Vaid, Secretary General, Ajay Langer, Convener(FOIJ) and other Executive Committee.
The meeting was held in view of the recommendations made by Governor N.N. Vohra to Prime Minister Narendra Modi, Union Finance Minster Piyush Goyal and Union Minister Industries & Commerce Suresh Prabhu for the Extension of Incentives to J&K State at par with North Eastern State Industrial Development Scheme.
Fiscal Incentive to the New Industrial Units & Units under Substantial Expansion at par with the North Eastern State Industrial Development Scheme notified by Govt. of India resulting flight of capital from J&K State & it is the need of the hour to provide Central Fiscal Incentives at par with North Eastern State Industrial Development Scheme to the Industrial Sector of J&K for rapid Industrialization. It was further resolved that Govt. should take up the matter with Govt. of India for the Extension of all Central Govt. Fiscal Incentives to existing Units also for the survival, they observed.
They appealed Governor to resolve the pending issues with the State Govt. in respect of Industrial Sector of J&K which includes the Issuance of Notification for the grant of Budgetary support of 2% in lieu of CST and Freight Subsidy as approved in the State Budget for the year 2018-19 w.e.f. 08-07-2017, 42% of CGST not given to units covered under SRO 63, 5%Turnover Incentive on Local Sale of MSME Sector with 1.5 Crore Turnover exempted under Central Excise prior to GST Regime and units covered under 0% GST category along with the Extension of all the State Fiscal Incentives to Existing units, Units under Substantial Expansion and New Units also.
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