DIPP proposes inclusion of GST reimbursement in scheme for J&K

Extension of the scheme beyond March 31,  2020  will be considered after its evaluation. 

DIPP proposes inclusion of GST reimbursement in scheme for J&K
DIPP Friday proposed revision of the Industrial Development Scheme for Jammu and Kashmir by including GST and income tax reimbursement, Image source: Zee Business
By PTI
Updated: Sat, Dec 08, 2018
10:40 am
New Delhi, PTI
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The DIPP Friday proposed revision of the Industrial Development Scheme for Jammu and Kashmir by including GST and income tax reimbursement, transport and employment incentive with an additional outlay of around Rs 15.5 crore until March 31, 2020. 

In a note to the Standing Finance Committee, the Department of Industrial Policy and Promotion (DIPP) said the scheme is applicable to units registered in the state during June 15, 2017 till March 31, 2020. 

Extension of the scheme beyond March 31, 2020 will be considered after its evaluation. 

"Additional provision meeting the committed liabilities up to 2024-25 will be Rs 138.5 crore approximately and project management cost will be Rs 1.54 crore," the DIPP said.

Under the existing scheme for Jammu and Kashmir approved in December 2017, Rs 289.87 crore was provided for three components of incentives including the central capital investment incentive for access to credit; central interest subsidy and central comprehensive insurance subsidy. 

The DIPP said the Jammu and Kashmir government has informed that there is a remarkable decrease in the casualties related to militancy in the state after implementation of the industry incentive in 2002. 

Watch Zee Business Tweet video here:

"From the statistics provided by J&K, the average militancy related casualty, which was average 1,285 per year from 1996-2003, has come down to 88 per year during last five years," the DIPP said in the note to the committee.