Govt announces budgetary support for eligible manufacturing units in JK

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JAMMU: The state government on Friday notified the scheme for providing support to the existing eligible manufacturing units operating in the state, registered under the erstwhile schemes of the Central Excise Nos. 56/2002-CE, 57/2002-CE & 01/2010-CE. The support is in the shape of 100% reimbursement of the State Tax paid (SGST) after utilisation of the input tax credit (ITC).
According to an official handout, the state government shall also reimburse 42% of the Central Tax paid (CGST) in addition to the 58% reimbursed by the central government under its existing scheme, after utilisation of the input tax credit under the Jammu and Kashmir Goods & Services Tax Act, 2017.
The Scheme has been notified by the finance department vide SRO-519 and SRO-521 issued here on Friday.
“Further, incentives for such units which were not registered with the aforesaid central schemes or were not availing the benefit of these schemes shall be taken up in the upcoming Budget,” the handout added.

 

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