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| CCI hails excise duty exemption under new industrial policy | | | EARLY TIMES REPORT
JAMMU, Jan 7: Chamber of Commerce Industry (CCI), Jammu hailed and complimented the union Finance Ministry for clarifying that the existing industrial units in J&K can avail excise duty exemption again by way of second substantial expansion under the new industrial policy. In a statement issued to the press, YV Sharma, President Chamber of Commerce & Industry Jammu expressed satisfaction that the confusion created by the local office of the Central Excise refusing to provide excise duty exemption to the industrial units in J&K on 2nd substantial expansion on the ground that they had already availed the benefit under the central package of incentives 2002 has finally been cleared.
Sharma, however, regretted that the decision has come very late for which the industrial units in J&K had to launch a grim struggle as the units which had invested huge sums of money on 2nd substantial expansion has been denied their due share of excise exemption under law by the local authorities of the central excise department and had been suffering great losses which threaten their very existence.
Sharma asserted that the circular No 977/01/2014 issued by the Union Finance Ministry makes it amply clear that the existing industrial units in J&K were fully eligible for exemptions in excise duty by way of second substantial expansion under the notifications of 2002 and 2010 in this regard.
Sharma further made it clear that to promote industrialization in J&K State a mother incentive in the shape of exemption from the Income tax is sine-qua-non for industrialization. He appealed to the Union government to provide this incentive and requested the state government to take up this issue with the Central Government in the coming budget 2014-15. |
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