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Important highlights of this decision |
Following the intervention of the Governor Satya Pal Malik and persistent efforts by the J&K’s Industries Department with the concerned Union Ministries, the benefits of the Northeast Industrial Development Package will now be extended to Jammu and Kashmir as well. |
The benefits given to the North East, such as GST reimbursement, Income Tax reimbursement, transport incentive and employment incentives were not extended to Jammu and Kashmir earlier. |
The package in North East is confined to new industrial units only but in Jammu and Kashmir, it will be implemented for substantial expansion also. |
The benefits under plant and machinery were confined to Rs 2 crore in North East while in the case of Jammu and Kashmir; the benefits have been raised to Rs 5 crore. |
Key benefits in the Industrial Development Package included GST reimbursement of Central share of CGST and IGST for a period of five years, Income Tax reimbursement for five years, Transport incentive of 20 percent for transport by Railways or Waterways and 33 per cent by air and Employment incentive of an additional 3.67 percent of employer’s contribution to EPF in addition to 8.33 percent already paid by the Central Government under Pradhan Mantri Rojgar Protsahan Yojana(PMRPY). |
This was a long-standing demand of all Chambers of Commerce in Jammu and Kashmir and of investors; the spokesman said adding that these new incentives would give a tremendous boost to investment in Jammu and Kashmir especially in MSME sector, creating new job avenues for the local youth, revenue for the Government and a huge fillip to the State economy. |