x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   NC’s silence on Mehbooba’s house arrest irks PDP! | Irony! Braving COVID-19 threat, students appear in exams but get wrong question paper | Scam: Arms licenses getting renewed manually | Dy Medical Superintendent, Executive Engineer suspended for shortage of oxygen at GMC hospital | Road accidents in J&K on rise, admin seeks report | With 1549 fresh recoveries COVID-19 recovery rate reaches 70%; 1104 fresh cases, 22 new deaths | Symptomatic patients to isolate at home, asymptomatic to be discharged without test after 10 days | BJP sitting councilor resigns, joins Ladakh apex body | Farooq’s China talk | Covid-19 Pandemic and Global Water Crisis! | JMC augments fleet of Front End Loaders | Poswal appeals President Kovind to consider Gojri as J&K’s official language | Students slam JU for their carelessness in examinations | JKTA elects district presidents | TMF hails volunteer weekend lockdown by traders | 8th Academic Council meeting held at GCW Parade | DDC Ramban declares open inter-zone district level sports tourney | Deputy Commandant injured in Batmaloo encounter recuperating well: CRPF | NSS Foundation Day celebrated | GDC Akhnoor celebrates NSS Foundation Day | NMC honors Yogeshwar Jamwal | BJP announces office bearers for BJYM Satwari Mandal | Samvedna organises sanitization drive | DYC holds Mashaal rally against anti-farmers Bills | Munish Gupta asks government to step in & solve problems of residents | Baseer directs for coordinated efforts for seeking UNESCO Heritage Tag for Mughal Gardens | ROB organizes photo exhibition on Mahatma Gandhi at Jammu | 9th Annual General Meeting of CVPPPL held through virtual mode | Apni Party demands withdrawal of alleged anti-people order on Mughal Road | Newly created ICU Ward at CHC Thathri starts functioning | DDC reviews developmental scenario of Pogal- Paristan, listens to people’s issues at Ukhral | Lt Governor, Omar, Bukhari condemn killing of BDC chairman in central Kashmir | Sourab Bhagat presents sanction letters to 476 Ladli Beti scheme beneficiaries | FIR against ex-Director ULB, former BMO | Jammu, Srinagar Airports receive 30 domestic flights with 3,916 passengers aboard | DDC Kathua chairs maiden meet of District Skill Committee | Ayushman Bharat : J&K Health Scheme cards distributed in Bishnah | DSWD organizes awareness campaign | Nasha Mukt Bharat : Awareness event held at Kishtwar | Farooq’s China remark last nail in NC’s coffin: Kavinder | GDC Vijaypur organizes online competition | SAYWS appeals all political parties to support farmers’ bill | SS protest against killing of BDC chairman | KVK organises Online training programme on agri-entrepreneurship development | AVM pay tributes to 1990 martyrs | NDPI urges LG to order enquiry into illegal mining | Ventilators in District Hospital Udhampur non-functional, alleges Magotra | Shikshak Parv celebrated in village Ikhani | Several social, religious organizations extend support to PWF | JKAP highlights condition of Kashmiri Migrants in Jagti Township | PIL filed in J&K High Court over delay in opening of Kishtwar-Sinthan road | Navin urges scientists to focus on socio-economic uplift of farmers | Govt mulls to launch 2G app for online classes for students in J&K | Positive patients in GMC-AHs being provided treatment as per Covid protocol | Complete shutdown In demand of 6th schedule observed in Ladakh | Atal Dulloo reviews preparedness to prevent unnecessary deaths in hospitals | NIA raids 6 locations in LoC trade case | Back to Village Phase III: Govt orders deployment of officers | Forged compassionate appointment in MES detected, CB Jammu registers FIR | ASI martyred, service rifle looted as terrorists attack CRPF patrol party | Youth sets up tiffin service to provide healthy, hygienic food in Srinagar | 24x7 COVID-19 Helplines receive more than 500 Calls in last two days | Militant killed in Pulwama encounter, operation continues | Advocate shot dead by militants in Srinagar | Prosecution failure leads to acquittal of two accused in murder case | GoI needs to show firm political will to make J&K similar to other States: Altaf Bukhari | IGP Jammu reviews law & order scenario of DKR range | Non-BJP leaders being divested of security despite militants’ threats: Harsh | Mindless killings will not deter Panchayat members from serving people: AJKPC | Farm bills to adversely affect interests of 62 cr farmers, labours: AICC | Back Issues  
 
news details
SAC approves notification of the ‘Jammu and Kashmir Reimbursement of State Taxes’ scheme to encourage investment in industrial sector
1/30/2019 2:40:43 PM


JAMMU, JANUARY 30: In order to encourage large investment, incentivize the newly established units and the units undergoing substantial expansion, the State Administrative Council (SAC) which met here Tuesday evening under the chairmanship of Governor, Shri Satya Pal Malik accorded sanction to the notification of the scheme namely the ‘Jammu and Kashmir Reimbursement of State Taxes for encouraging large investments for industrial development’.

The State has in the Industrial Policy-2016 fixed a target of attracting an investment of Rs 2000 Crore per annum in the industrial sector including services. The State Government is already incentivized the existing industrial units by giving them reimbursements of taxes after adjustment of Input Tax Credit under various schemes announced by Government of India from time to time in the shape of SROs viz SRO 519, SRO 521, SRO 63, SRO 431 etc.

In order to attract investment of Rs 2000 Crore per annum, as envisaged in the Industrial Policy 2016, the SAC approved the ‘Jammu & Kashmir Reimbursement of State Taxes’ scheme for providing reimbursement of State Taxes to the Industrial Units undergoing substantial expansion involving investment of Rs 50 crore or more, either on substantial expansion or new setup. The industrial unit shall make claim of only the cash paid in the shape of SGST after adjusting the input tax credit. The industrial unit shall exclusively be involved in the process of manufacturing activities. The industrial unit shall be eligible for reimbursement of the tax on the supplies resulting due to substantial expansion only in case of units undergoing substantial expansion.

The newly established industrial units shall be eligible for full reimbursement of the SGST paid in cash after adjusting input tax credit. The scheme shall be applicable only for intrastate supplies made by the industrial units.

The scheme shall not be applicable to the industrial units mentioned in the negative list to the Government of India notification dated 1st January 2019, covering units manufacturing Tobacco, Pan Masala, Plastic Carry Bags, power generating units above 10 MW, coke, fly ash, Cement, Steel Rolling Mills, Gold and Gold Dore, goods produced by Petroleum or Gas refineries, industrial units not complying with environment standards or not having applicable environment clearance from the Competent Authority and low value addition activities like preservation during storage, cleaning, operations, packing, re-packing or re-labelling, sorting , alteration of retail sale price etc.

The move will attract large investment in J&K, which in turn will expand employment opportunities for skilled youth, income generation and overall economic development in the state.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU