JAMMU, SEPT 08: A Delegation of Bari Brahmana Industries Association under the President ship Lalit Mahajan President, BBIA along with Ajay Langer General Secretary and Ajit Bawa President, Kathua Industrial Unit Association interacted with Dr. Haseeb A Drabu, Finance Minister in the presence of Navin Kumar Chowdhary (IAS) Principal Secretary, Finance to discuss the Extension of State Package of Fiscal Incentives to J&K Industrial Units under GST Regime.
During the course of discussions with Finance Minister, President highlighted the various problems being faced by the Industrial units due to delay in the issuance notifications for the Extension of State Package of Incentives under GST Regime due to which uncertainty has prevailed in the mind of Industrial Units of J&K who are totally dependent on the sale of their products within the State. President also highlighted that while going though the Package of Incentives announced by Govt. of India, it was observed that the Incentives was granted only to those Units who were getting Central Excise Benefits prior to the GST for their Residual Period up to 31-3-2027 where as no Incentives were given to Existing Units, and are who in the process of Substantial Expansion & New Units.
It is pertinent to mention here that prior to GST Regime, thousands of Small Scale Units of our State did not avail the Excise Duty Incentives due to Excise Exemption upto 1.50 Crores but under the GST Regime the Exemption is limited to only 20 Lacs resulting great Resentments amongst the SSI Units who are not brought into the ambit of GST as the Central package of Incentive announced, as per the News published in the Leading News Papers, was only limited to the Units who were availing the Excise benefits prior to the GST under the Central Excise Notification 56 & 57 of 2002 AND 1/2010.
Dr. Haseeb A. Drabu, Finance Minister gave a patient hearing to the issues raised by Lalit Mahajan, President, BBIA and assured the delegation that State Govt. will issue its notifications in respect of State Package of Incentives to Industrial Units under GST Regime after the issuance of notification for Extension of Central Package of Incentives by Govt. of India. Further, Hon’ble Finance Minister also assured the delegation that he has already taken up the issue with Central Govt. for the Extension of Central Package of Incentives to all the Existing Units, Units under Substantial Expansion & New Industrial Units upto to 2027 and informed that State Govt. will provide Fiscal incentives under State Package of Incentives to all the Existing Units, Units under Substantial Expansion & New Industrial Units.