In a noteworthy advance towards advancing fast industrialization and financial success in Jammu and Kashmir, the Department of Industrial Policy and Promotion (DIPP), Government of India Friday affirmed augmentation of all advantages to J&K given toward the Northeastern States under North East Industrial Development Scheme.
As per an official representative, till June 2017, the advantages given to new Industrial Units in Jammu and Kashmir were to a great extent like the advantages stretched out to Northeastern States under the Industrial Development Scheme of the Government of India.
“In any case, when another plan was endorsed for Jammu and Kashmir independently in 2017, just 3 benefits given toward the Northeast were stretched out to J&K,” the representative said and included that these included Capital Investment Incentive of 30%, Interest Incentive of 3% and for a long time.
The advantages given toward the Northeast, for example, GST repayment, Income Tax repayment, transport motivator and business impetuses were not stretched out to Jammu and Kashmir. “Truth be told, these motivations are basic to pulling in new venture and thus, not very many units exploited this plan,” he said.
He said following the mediation of the Governor Satya Pal Malik and tireless endeavors by the J&K’s Industries Department with the concerned Union Ministries, the Department of Industrial Policy and Promotion, Government of India today at long last endorsed the augmentation of the advantages of the Northeast Industrial Development Package to Jammu and Kashmir also.
The key extra advantages incorporate; GST repayment of Central Share of CGST and IGST for a long time, Income Tax repayment for a long time, Transport Incentive of 20% for transport by Railways or Waterways and 33% via Air and Employment Incentive of an extra 3.67% of manager’s commitment to EPF notwithstanding 8.33% effectively paid by the Central Government under PMRPY.
This was a long-standing interest of all Chambers of Commerce in Jammu and Kashmir and of financial specialists, the representative said including that these new motivating forces would give a colossal lift to interest in Jammu and Kashmir particularly in MSME area, making new occupation roads for the neighborhood youth, income for the Government and a tremendous fillip to the State economy.