• About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, January 27, 2021
Fast Kashmir
  • Home
  • Top News
    • Kashmir
    • Jammu
    • National
    • International
  • Business
  • Sports
  • Culture
  • Entertaintment
  • Featured
  • Opinion
  • Picture Gallery
  • Technology
No Result
View All Result
  • Home
  • Top News
    • Kashmir
    • Jammu
    • National
    • International
  • Business
  • Sports
  • Culture
  • Entertaintment
  • Featured
  • Opinion
  • Picture Gallery
  • Technology
No Result
View All Result
Fast Kashmir
No Result
View All Result
Home Kashmir

Mehbooba, Drabu welcome extension of tax exemption for JK’s industries

Fast Kashmir by Fast Kashmir
16/08/2017
in Kashmir, Kashmir Gallery
0

Tax exemption to continue till March 2027


SRINAGAR, AUGUST 16: Chief Minister, Mehbooba Mufti has welcomed the extension in tax exemption announced today by the Centre for the industries in Jammu and Kashmir.
The Chief Minister said the extension in tax exemption would go a long way in promoting industrial growth and economic development in the State.
The extension in tax exemption for industries in J&K and other hilly states till March 2027 was announced by the Union Finance Minister, Arun Jaitley today after the decision was approved by the Union Cabinet which met in New Delhi this morning under the chairmanship of Prime Minister Narendra Modi.
Mehbooba specially thanked the Prime Minister Narendra Modi and the Union Finance Minister, Arun Jaitley for having taken personal and keen interest in ensuring continuation of tax exemption to the industries in Jammu and Kashmir for another 10 years.
Meanwhile, Minister for Finance Dr Haseeb Drabu has also welcomed the extension in tax exemption for the industries in Jammu and Kashmir, which he said would be paid as a refund under the present Goods and Services Tax (GST) regime.
Hailing the Centre’s decision, Dr Drabu said the State Government would within the next fortnight work out the exact modalities and incentive structure that will benefit local industry, investors and consumers. “The new incentive structure will protect the local industry and benefit local customers,” he said.
He said the State Government, under Chief Minister Mehbooba Mufti, is committed to incentivize the industries but the tax and fiscal incentives should be given in such a manner that it promotes greater employment and higher value addition.
Pertinently, Union Finance Minister Arun Jaitley today announced in New Delhi 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 current Goods and Services Tax (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 said after the Union Cabinet meeting headed by Prime Minister Narendra Modi.
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.
Under the new GST regime, there is no provision for exemption but there is one section under the Act which permits refunds.
“Therefore, refund would be permitted through DBT. The sunset clause of these exemption has been extended to 2027. 4,284 industrial establishment will entitled to this benefit. Budgetary provision for this Rs 27413 crore,” he said.

Loading...

Related

Previous Post

Police statement regarding  Banderpora Pulwama encounter 

Next Post

Veterinary faculty, Police officers’ deputation meet Chief Minister

Fast Kashmir

Fast Kashmir

Next Post
Veterinary faculty, Police officers’ deputation meet Chief Minister

Veterinary faculty, Police officers’ deputation meet Chief Minister

Leave a Reply Cancel reply

Your email address will not be published.

  • Trending
  • Comments
  • Latest

New power curtailment schedule in a week: Chief Engineer Power Deptt

02/11/2020

Kashmir to receive fresh spell of rains; predicts Kashmir Weather

22/06/2020
After four decades, Srinagar witnesses huge rain deficit in July this year

Kashmir Weather predicts widespread rain in J&K, active monsoon to drop rain deficiency

24/08/2020

Govt Doors Still Open To Shah Faseal?

25/07/2020

Chadoora encounter:Second civilian loses life 

3243

Hakim condemns use of force against students

1787

Disaster preparedness prog held in Bandipore

865
Trip to Mars may increase risk of leukemia in humans

Trip to Mars may increase risk of leukemia in humans

601
Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

Army man injured in IED blast in Kulgam succumbs

27/01/2021

Traffic to ply from Srinagar to Jammu after 5 days

27/01/2021
22 FIRs filed in Delhi tractor rally violence; 86 cops injured

22 FIRs filed in Delhi tractor rally violence; 86 cops injured

27/01/2021
Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

27/01/2021

Recent News

Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

Army man injured in IED blast in Kulgam succumbs

27/01/2021

Traffic to ply from Srinagar to Jammu after 5 days

27/01/2021
22 FIRs filed in Delhi tractor rally violence; 86 cops injured

22 FIRs filed in Delhi tractor rally violence; 86 cops injured

27/01/2021
Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

27/01/2021
Fast Kashmir

Follow Us

Browse by Category

  • Business
  • Culture
  • Entertaintment
  • Featured
  • Health
  • International
  • Jammu
  • Kashmir
  • Kashmir Gallery
  • Ladakh
  • Lifestyle
  • National
  • Opinion
  • Others
  • Picture Gallery
  • Politics
  • Sports
  • Technology
  • Top News
  • Travel
  • Uncategorized
  • Urdu

Recent News

Updated: 3 Soldiers Injured In ‘IED Blast’ In Kulgam

Army man injured in IED blast in Kulgam succumbs

27/01/2021

Traffic to ply from Srinagar to Jammu after 5 days

27/01/2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Fast Kashmir - Premium WordPress theme by GITS.

No Result
View All Result

© 2020 Fast Kashmir - Premium WordPress theme by GITS.