In a major relief to the industrial sector in Jammu and Kashmir, the Central government on Friday approved extension of all benefits to it on the lines of northeastern states.
According to an official spokesman, till June 2017, the benefits given to new industrial units in Jammu and Kashmir were largely similar to the ones extended to northeastern states under the Industrial Development Scheme of the Central government.
"However, when a new scheme was approved for Jammu and Kashmir separately in 2017, only 3 benefits given to the Northeast were extended to J&K. These included capital investment incentive of 30%, interest incentive of 3% and insurance incentives," said the spokesman.
"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," he said.
Following intervention by Governor Satya Pal Malik and persistent efforts by the J&K's Industries Department, the Department of Industrial Policy and Promotion today approved the extension of the benefits of the North-East Industrial Development Package to J&K as well.
The key additional benefits include; GST reimbursement of Central share of CGST and IGST for 5 years, Income Tax reimbursement for 5 years, transport incentive of 20% for transport by Railways or waterways and 33% by air and employment incentive of an additional 3.67% of employer's contribution to EPF in addition to 8.33% already paid by the Central government under PMRPY, he said.
"This was a long-pending demand of all state industry bodies as well as of investors," the spokesman added.
--IANS
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