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news details
Existing MSME Sector of JKUT Ignored in the Industrial Package 2021
Prime Minister, Lt. Governors' intervention sought
2/22/2021 11:57:57 PM
Early Times Report
JAMMU, Feb 22: All stake holders of industrial fraternity of Jammu province has made appeal to Narendra Modi Prime Minister, Lt. Governor Manoj Sinha to save the existing micro & small scale industrial sector of JKUT from closer as the existing MSME sector and service sector totally ignored while granting the fiscal Incentives as per notification No F/1(1)2020-SSS DATED 19-02-2021 issued by Ministry of Industry & Commerce.
Addressing a press conference Lalit Mahajan chairman Federation of Industries along with others
Said that majority of MSME units set up by the sons of the soil working in the state facing militancy since last 30 years, with limited marketing avenues, Higher Production cost and keeping in mind the above facts, the Central/State Govt. provided Fiscal Incentives from Time to Time but with the introduction of GST, the Fiscal Incentives of State as well as Central Govt. has been diluted in Post GST Regime and only Incentives of IGST/CGST/SGST Refund on the Value Addition was given w.e.f 08-07-2017 to Existing units.
Moreover no State Fiscal Incentive available to Units set up after 8th July 2017 resulting very limited growth reported against the IDS-2017 Scheme announced by Govt. of India.
"We humbly appeal Prime Minister Narindra Modi, Lt. Governor Manoj Sinha for their kind intervention for the modification in the said Notification with the grant of Gross GST Reimbursement to Existing working Units and Units under Substantial Expansion also and 5% Interest Subvention to New Units and Existing Units under Substantial Expansion with the grant of following State Fiscal Incentives which are under the active consideration in the proposed New State Industrial Policy 2021 for Existing Units, Units under Substantial Expansion & New Units for their survival which also save the Local MSME Units from the stiff competition being faced from outside the State after the removal of Toll Tax
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