news details |
|
|
| SRO for changes in industrial policy after passing of budget | | | Jehangir Rashid
Early Times Report
SRINAGAR, June 16: The state government today said that an SRO incorporating changes in the proposed industrial policy would be issued once the budget is passed by the legislature.
This was announced by Minister for Finance, Haseeb Drabu while making a statement in the legislative assembly. He said an SRO will be issued to notify all the changes listed in the Budget speech, in particular for amendment of Section 2.11.2 of the industrial policy approved during the Governor's rule.
"Nobody should have any misconception that there is any threat to state's special status by the New Industrial Policy. It has been reiterated both in the Governor's address and the Budget speech that all policies, industrial and others, will be in line with the special status of the state," said Drabu.
The Finance Minister while quoting from some paras of Governor's Address and the Budget speech for 2016-17, made clear that the implementation of New Industrial Policy would be in tune with the existing administrative practices, regulatory norms and the constitutional provisions of the state constitution.
"The provision regarding non state subjects being allowed to develop new industrial estates has been put on hold and the changes in it will be notified as soon as the budget is passed," he said. He said the new Industrial Policy will come under holistic review once the GST regime comes into force.
Drabu said if the GST regime is implemented, there would be sweeping changes in taxation and other matters pertaining to the industry especially in the area of exemptions and incentives. He said the government will have to review the Industrial Policy once again in such a scenario.
On the issue of GST bill, the Finance Minister said Jammu & Kashmir has sought protection for the state's special taxation powers and also keeping the state out of the purview of the GST council given that the state legislature has residuary powers.
"We have time and again taken up the matter of our special constitutional position within the union with the Empowered Committee of the Finance Ministers. In the recent meeting of the empowered committee at Kolkata, I called for constituting a sub-group of the Empowered Committee to take care of state's concerns on GST, given the special power to tax that Jammu & Kashmir enjoys. Jammu & Kashmir is the only state in the country with the powers to tax services," he said.
Drabu said the position of the state government over the last 14 years on GST Bill has been that it should protect the special constitutional position of Jammu and Kashmir. He said that his predecessor despite being the Chairman of the Empowered Committee for three years didn't present the state's views to the forum on how to protect the state's special status.
The Finance Minister said the draft GST law circulated by the Centre has not incorporated any safeguards to protect Jammu & Kashmir's special taxation powers. He said that before extending it to Jammu and Kashmir, the GST Bill will be put to the state legislature for ratification and modification if required.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
