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| CII J & K State Council presents pre- Budget Memorandum | | |
EARLY TIMES REPORT
Jammu, May 23- The delegation comprising members of Confederation of Indian Industry (CII) led by Sanjay Puri, Chairman CII J&K State Council today called on Abdul Rahim Rather, Minister for Finance to present the pre- Budget Memoranda for J & K State.
Minister welcomed the delegation and thanked the Chairman for presenting a very elaborate and in depth Memorandum which would facilitate in formulation of the State Budget.
Puri highlighted the concerns of the Industry and recommended the introduction of Model Electricity Act 2003 in the state, removal of toll tax on out bound goods manufactured in the state, exemption of work contract tax, exemption of VAT on CSD items, early issue of SRO giving 3% subsidy to SSI units for two years as was agreed to by the government, revival of central excise package, instituting measures for early refund of VAT, removal of edible oil from the negative list and grant of VAT remission since food industry being the thrust area of the government, period for input tax credit be increased from 90 days to one year, reduction in stamp duty from present 21.6% which is highest in the country, reduction of sales tax on IT consumables from present 12.5% - 4%.
He also recommended that the limit of audited account to be enhanced to Rs.1 crore from the present 40 lakhs, round the clock functioning of Lakhanpur Toll post, revival of copper recycling units. He also suggested adoption of cluster approach to increase the competitiveness of MSME sector and recommended measures to reform the public distribution system
Rather said that a report of the committee formed to institute measures to arrest harassment at Lakhanpur is awaited and added that the toll plaza at Lakhanpur will be ready by end 2009.
He further said that the aim of his ministry is to institute measures which make the entrepreneurs in the state comfortable to do their business and cut out all hindrances.
Rather concluded by saying that Pre Budget memorandum presented by CII and the study on Entry Tax in northern sates will be examined and implemented on merits.
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