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FOIJ appeals PM, Governor for extension in Central, State Fiscal incentives 7/30/2018 11:35:58 PM JAMMU, July 30: Federation of Industries, Jammu appealed to Prime Minister of India and Governor of J&K for the extension the Central and State Fiscal Incentives to the existing as well as new units and also provides the relief to existing micro and small scale units of the State by providing additional Incentives for their survival. As per press statement, the Federation raised serious concern in respect of Sharp decline reported in the Industrial Growth of J&K due to non availability of Post GST Central/State Fiscal Incentives to the New Units and Units under Substantial Expansion. The position is more serious due to reduction in the Fiscal Incentives available to the working units in post GST Regime as compare to the Fiscal Incentives in Pre GST Regime resulting numbers of MSME Units on the verge of closers and were in the process of shifting to other parts of the Country nearer to the Market as it is not possible for them to run their units due to additional cost of Raw Materials and Finished Goods for the manufacturing of goods in our State. Even the Incentives approved in the State Budget for the financial year 2018-19 in Feb 2018 not yet notified by the State Govt. resulting uncertainty prevail in the mind of majority of units working in our State. As per the data available with the FOIJ, limited growth reported in the last three years in the Industrial Sector of Jammu Province in respect of Investment and Employment. It is worthwhile to mention here that the Industrial Estates developed in our State with the Investment of Crores of Rupees lying vacant due to non availability of Investor in our State. It also states that the position is more serious in respect of 7000 to 8000 Micro and Small Scale Units working in our State, as in post GST Regime limited Incentives given by the State Govt. to existing Micro and Small Scale Units who are not availing the Central Excise Benefits prior to GST Regime due to Exemption up to 1.50 Crores Turnover with the Exemption of VAT. It is worthwhile to mention here that the majority of Micro and Small Scales Industrial Units of our State are working in spite of all the Odds since last 28 years facing the Militancy, Limited Market Avenues as we are surrounded by the hostile Neighbours like China and Pakistan, Locational Disadvantages and other related issues resulting higher Cost of Raw materials and the Stiff Competition from the Units Located in the Neighbouring States and it is unjustified on part of the State Govt. to delay the issuance of State Package of Incentives to those units who are providing employment to lacs of Workers.   Share This News with Your Friends on Social Network     Comment on this Story

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