Jammu, Oct 12 (PTI) Threatening to launch an agitation, traders of Jammu today criticised the Centre for its recently announced incentive scheme under the Goods and Service Tax (GST) regime.
They said “if not revisited, it will serve as a death knell for majority of nearly 10,000 units in Jammu and Kashmir and render lakhs of people jobless”.
Representatives of Bari Brahmana Industries Association and Association of chamber of commerce and industries were also present.
In July this year, Union Finance Minister Arun Jaitley announced that the industries in J&K, the north eastern states and other Himalayan states will continue to get tax exemption till March 2027, albeit as refund, under the GST regime which was rolled out on July 1.
“Within the framework of the GST Act, each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027),” Jaitley had said.
Industries in the north eastern and Himalayan states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand under the previous excise regime used to get 10-year exemption, he said.
Further elaborating his point, Mittal said, “Under the latest policy, a negligible incentive will come. We will get only 10 to 15 per cent of the incentives which we used to get under the previous policy framed in 2002 which enabled the growth of the industrial units in the state.”
“We request the Chief Minister to intervene into the matter and take up the issue with the Prime Minister and Union Finance Minister for the amendment in the notification with a request to lead the delegation of stakeholders for an urgent meeting at Delhi to resolve the issue,” Aggarwal said.
He said the FOIJ also requests the Chief Minister, state finance minister and industries minister to issue the state notification as early as possible for the extension of state fiscal incentives which would provide a relief to industrial units of the state.
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