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| Foij hails Power Amnesty Scheme For Industrial Sector | | | Early Times Report
JAMMU, June 6: The notification issued in respect of grant of amnesty scheme for industrial sector was discussed under the Chairmanship of Lalit Mahajan Chairman FOIJ in presence of Vijay Aggarwal, Ajit Bawa Co-Chairman FOIJ, Pardeep Vaid, Secretary General, Ajay Langer, Convener (FOIJ), Suresh Mahajan Sr. Vice President BBIA, Bansi Lal Gupta Sr. Vice President AOI Gangyal, Vivek Singhal Secretary BBIA, Viraaj Malhotra, Treasurer, BBIA in respect of Power Amnesty Notification issued by the Finance Department as approved in the Budget of 2018-19.
The members present in the meeting conveyed their heartiest thanks to Mehbooba Mufti, Chief Minister, Kavinder Gupta, Dy CM, Syed Mohammad Altaf Bukhari, Finance Minister for the grant of power amnesty to the industrial units which will provide a great relief to the unit holders to clear the power dues without any interest and penalty as defined in the notification and we term it as a positive step towards the industrial friendly attitude of the government working under the dynamic leadership of the Chief Minister.
It was also resolved in the meeting that State Government should provide 5 percent incentives on Sale Value to Tiny, Micro & Small Scale Units not covered under the Central Excise prior to GST, Units on account of zero rated supplies or on account of inverted duty structure in GST and the Units covered under the Composition Scheme with a request to Hon'ble Chief Minister to provide suitable Incentives to such units also for survival.
It is worthwhile to mention here that State Govt. is considering the reimbursement of suitable amount in lieu of 2 percent CST and Freight Subsidy for the Interstate sale for which the requisite Notifications which are still awaited resulting uncertainty prevails in the mind of working Units depending on the Inter-State Sale.
It is pertinent to mention here that the Industrial Growth in our State is already at a lowest level since last two year due to not availability of Fiscal Incentives and if the Central Govt. provides Fiscal Incentives of Income Tax Reimbursement and GST at par with the North Eastern State, to the Existing, Unit Under Substantial Expansion and New Units the rapid Industrial Growth may be foreseen in near future.
FOIJ appeals the government to kindly consider its request for grant of Incentives in the Tune of 5% refund of Sale Value, Intra-State Freight Subsidy to Tiny, Micro & Small Scale Units of the State , Issuance of pending State Notifications in respect of suitable amount in lieu of CST and Freight Subsidy on Inter-state Sale, Extension of Central package of Incentives of Income Tax and GST Reimbursement to the Existing, Unit Under Substantial Expansion and New Units for the rapid Industrial Growth to attract new Industrial Investment in the State which will also help in the creation of Job avenues for providing the employment opportunities to the Local youths of the state. |
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