Industrial units in J&K to get budgetary support: Prabhu

NEW DELHI : The government has approved a new scheme to provide budgetary support to industrial units in hilly states including Jammu and Kashmir and Himachal Pradesh under the GST regime, Union Commerce Minister Suresh Prabhu said.

"A new scheme of budgetary support under GST regime to the units located in states of Jammu and Kashmir, Uttarakhand, Himachal Pradesh, North East states approved," he said in a series of tweets.

He said the scheme offered as a measure of goodwill to units eligible for drawing benefits under earlier excise duty exemption and refund schemes.

Under the GST regime, there is no provision for exemption but there is one section under the Act which permits refunds.

The minister said that recognising industry's concerns on withdrawal of exemptions, budgetary support for residual period as part reimbursement of GST was provided.

"We are responsive to industry's concerns, shall work together to boost growth, exports, employment," he added.

 

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PTI