Exempt industrial sector from GST purview: BBIA

STatE TIMES NEWS

JAMMU: Bari Brahmana Industries Association (BBIA) urged Chief Minister, Mufti Mohammad Sayeed and Finance Minister, Dr Haseeb Drabu to exempt the industrial sector from the purview of service tax in GST regime.

A meeting of the members of the BBIA was held under its President, Lalit Mahajan to discuss the State Industrial Policy which is going to expire on 30th June 2015 along with other fiscal incentives which also includes VAT remission to industrial sector till the adoption of GST.

The participants requested Chief Minister, Finance Minister and Minister for Industries and Commerce, Chander Parkash to announce the new industrial policy before 30th June 2015 which is under consideration of the government and in case, if there is any delay to announce the same before 30th June, it may be extended for a further period of three months.

The association requested Chief Minister, Finance Minister and Industries and Commerce Minister that the present fiscal incentives including VAT remission and toll exemption should be continued till the introduction of the GST in the State and the exemption from Central Goods and Service Tax (GST) should be extended on the same pattern to the industrial sector, for which a mechanism for such incentives be worked out with the consultation of stake holders at an early date, so as to ensure that industry is not put to further hardships. Further, in the proposed Goods and Service Tax, the service tax component has been included whereas in J and K no service tax is applicable to industrial sector on job work at present. Hence, the industrial sector of J and K should be kept out of preview of service tax in GST regime also, the association added.

BBIA requested Chief Minster to lead a high level delegation of the State to meet the Prime Minister, Narendra Modi for the restoration of central excise package, income tax holiday and rationalisation of DIPP package with neutrality of location for the existing as well as for new industrial units of the State till the adoption of GST by the State and all the above incentives should be available to the industrial sector under GST regime also for rapid growth of industrialisation in the State.

Source : http://news.statetimes.in/exempt-industrial-sector-from-gst-purview-bbia/

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