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BBIA demands extension of State Industrial policy 6/6/2015 11:02:16 PM Early Times Report Jammu, June 6 : Bari Brahmana Industies Association (BBIA) today held a meeting in which they demanded extension of State Industrial policy. According to press release, BIBA president Lalit Mahajan to discuss the State Industrial Policy with members which was going to expire on June 30, 2015 along with other fiscal incentives which also includes VAT remission to Industrial Sector till the adoption of GST. The members present in the meeting request Mufti Mohd. Sayeed Hon'ble Chief Minister, Haseeb Drabu, Hon'ble Finance Minister and Chander Parkash, Hon'ble Industries and Commerce Minister to announce the New Industrial Policy beforeJune 30 which is under the kind consideration on the Government and in case, if there is any delay to announce the same before June 30, 2015, it may be extended for a further period of three months. They further urged that the present Fiscal Incentives including VAT Remission and Toll Exemption should be continued till the introduction of the GST in our State and the Exemption from Central Goods and Service Tax should be extended on the same pattern to the Industrial Sector, for which a mechanism for such Incentives be worked out with the consultation of stake holders at an early date, so to ensure that Industry should not put for further hardships. Further, In the proposed Goods and Service Tax, the Service Tax component has been included whereas, in Jammu and Kashmir no Service Tax is applicable to Industrial Sector on Job Work at present. Hence, the Industrial Sector of state should be kept out of preview of Service Tax in GST regime also. Further, BBIA urges Hon'ble Chief Minster to lead a High Level Delegation of our State to meet the Hon'ble Prime Minister of India Narendra Modi for the restoration of Central Excise Package, Income Tax Holiday and Rationalization of DIPP package with Neutrality of Location for the existing as well as for new Industrial Units of our State till the adoption of GST by our State and all the above incentives should be available to the Industrial Sector of state under GST Regime also for rapid growth of Industrialization in our State.   Share This News with Your Friends on Social Network     Comment on this Story

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