Early Times Report
Jammu, Apr 28: A meeting of members of Federation of Industries, Jammu was held here under the Chairmanship of Lalit Mahajan Chairman, FoIJ in presence of Rattan Dogra, Jatinder Aul, Ajit Bawa, Vijay Aggarwal, Deepak Dhawan, Rajinder Gupta, Ravi Malgooria (Co-Chairmen), Pardeep Vaid, Secretary General, Suresh Mahajan Sr. Vice President BBIA, Bansi Lal Gupta Sr. Vice President AoI Gangyal, Vivek Singhal Secretary BBIA & other Executive Members of Federation of Industries to discuss the Extension of DIPP Package of Incentives to J&K Industrial Units.
The members conveyed their heartiest thanks to Narendra Modi, Prime Minister, Arun Jaitley, Union Finance Minister, Mehbooba Mufti, Chief Minister J&K, Dr. Nirmal Kumar Singh, Deputy Chief Minister J&K, Syed Mohammad Altaf Bukhari, Finance Minister J&K for the Extension of DIPP Package of Incentives to Industrial Units located in J&K from 15-06-2017 to March 2022 to all the New Units & Units under Substantial Expansion.
While going through the package of incentives notified by DIPP the incentives were granted to all new industrial units and existing industrial units undertaking substantial expansion in manufacturing sector and services sector including Bio-technology and Hydel Power Generation Units up to 10 MW located in the State of Jammu & Kashmir. The package of incentives includes Central Capital Investment Incentive for access to credit (CCIIAC) at the rate of 30 percent of the investment in Plant and Machinery with an upper limit of five crores, three percent Central Interest Incentive (CII) on working capital credit, reimbursement of 100 percent Central Comprehensive Insurance Incentive (CCII).
The members raised the issue in respect of uncertainty prevails in the mind of Micro & Small Scale Sector Units having less than Rs. 1.50 Crores turnover & not covered in the Central Excise prior to GST, as the Fiscal Incentives granted vide SRO No. 63 for the refund of SGST only, whereas the Units covered under the SRO NO. 521 entitled for the Refund of 58 percent CGST as per Central Government Package of Incentives and 42 percent refund by the state government due to which un healthy competition foreseen in near future by the Micro & Small Scale Sector of the State as these Units not able to get any benefit for the CGST paid.
It was also resolved in the meeting that state government should provide 5 percent incentives on Sale Value to Micro & Small Scale Units not covered under the Central Excise prior to GST, Units on account of zero rated supplies or on account of inverted duty structure in GST and the units covered under the Composition Scheme with a request to Chief Minister to provide suitable Incentives to such units also for survival.
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