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| J&K asks Central govt not to cut central excise exemptions | | | Early Times Reporter
Jammu | Mar 31
Taking strong exception to the revised notification issued by Finance Ministry on virtual withdrawal of Central Excise Exemptions in Jammu and Kashmir, the Federation of Industries (FoI), J&K today asked the Centre to review its decisions.
The ministry's move would not only adversely affect government's credibility but would also create serious financial hurdles for industrialists who have invested here on the basis of the incentives available in the state, FoI Co- Chairman Kuldeep Dogra told reporters here.
He said the package had brought about industrial growth in the state and helped in diverting the youth to productive enterprise by providing employment.
However, the revised notification, which reduces the exemption of Central Excise to the industrialists in the state to a great extent would badly hit the industry, Dogra said.
The Chairman of FoI Anil Suri said the change has created great apprehensions and hit the entrepreneurs' confidence.
The industrial sector is unsure about the fate of their existing investment and those which are under way, Suri said, adding all future investments have been put on halt.
He said industries already in production have started cancelling orders as their goods being manufactured here have become expensive compared to the neighbouring states.
He said that the State Industrial Policy (2004-2015) and Central Package of Incentives for Industries (2002-2012) were extended to accelerate industrial development of the state and boost investors' confidence.
But the withdrawal of excise duty exemption by way of curtailing the refund of Central Excise Duty paid on the goods manufactured in notified areas of J&K would restrict the Central Excise Refund only to the extent of value addition on the goods manufactured in the state, he said. |
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