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| CCI seeks extension in income tax exemption, transport subsidy | | 'Presents memorandum to Government' | |
JAMMU | JAN 20
Chamber of Commerce and Industry (CCI) has sought extension in income tax exemption and transport subsidy for further period of five years besides bringing whole of Jammu and Kashmir State under the purview of excise exemption.
In a memorandum submitted to Lokesh Jha, Principal Secretary to Government Industries and Commerce Department here today, President Chamber of Commerce and Industry, Ram Sahai said that it was ironical that on one hand the Central Government has allowed excise exemption by way of refunding the amount to help the industrial sector to grow in the State, but on the other hand Income Tax Department claims the taxation on the said refund thus negating the real benefit of exemption. 'In view of the stiff competition, the units are already passing on this benefit to the consumers', he added.
Sahai also demanded extension in income tax exemption on both new and the existing industrial units for a period of five years and also extension in transport subsidy for another five years', as the existing subsidy is to expire in March next. To promote skill force of the local workforce, Sahai demanded opening of technical institutions like IIT and IIM as also immediate refunds on account of VAT charged on raw material and pending with SICOP since December 2005. Welcoming the Government's proposal to give greater emphasis on industrialization in Kashmir Valley and other districts, the Chamber felt the need for allowing the 2004 Industrial Policy to run its course and adding that, if any modification is required, it should not be at the cost of industrial package currently available to industry in Jammu and Kashmir. The memorandum further said that ever since the parallel fiscal packages have been extended to Himachal Pradesh and Uttranchal, the inflow of fresh industrial investment into Jammu and Kashmir has virtually come down to zero and strongly pleaded for extending the existing package to old units that are heading towards closure.
Referring to spontaneous closure of some pesticide units operating in the State, Ram Sahai said that this measure has caused a major panic amongst the workers for fear of losing their employment.
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