SAC approves ‘J&K Reimbursement of State Taxes’ scheme to boost investment
Srinagar, Jan 30: The State Administrative Council, headed by Governor Satya Pal Malik, has approved Jammu and Kashmir Reimbursement of State Taxes scheme to encourage investment for industrial development in the state, an official spokesperson said Wednesday.
In the Industrial Policy-2016, the state has fixed a target of attracting an investment of Rs 2,000 crore per annum in the industrial sector, including services.
The State government has already incentivised the existing industrial units by giving them reimbursements of taxes after adjustment of input tax credit under various schemes announced by the Centre from time-to-time, spokesperson informed.
“In order to attract an investment of Rs 2,000 crore per annum, as envisaged in the Industrial Policy 2016, the SAC approved the ‘Jammu & Kashmir Reimbursement of State Taxes’ scheme for providing reimbursement of state taxes to the industrial units undergoing substantial expansion involving investment of Rs 50 crore or more, either on substantial expansion or new setup,” the spokesperson said.
He said the industrial unit will make claim of only the cash paid in the shape of SGST (State Goods and Services Tax) after adjusting the input tax credit.
“The scheme shall be applicable only for intrastate supplies made by the industrial units,” the spokesperson said.
The scheme will not be applicable to the industrial units mentioned on the negative list to the Government of India notification dated 1st January 2019, covering units manufacturing tobacco, pan masala, plastic carry bags, power generating units above 10 MW, coke, fly ash, cement, steel rolling mills etc.
“The move will attract large investment, which in turn will expand employment opportunities for skilled youth, income generation and overall economic development in the state,” the spokesperson said.
Kotwalto head advisory board under J-K PSA
Jammu, Jan 30: Former Jammu and Kashmir High Court judge Janak Raj Kotwal will be the chairman of the advisory board under the state Public Safety Act, 1978, an official spokesman said Wednesday.
The State Administrative Council (SAC), which met here Tuesday evening under the chairmanship of Governor Satya Pal Malik, accorded sanction to Kotwal’s appointment as chairman of the advisory board under the Jammu and Kashmir Public Safety Act, he said.
Kotwal will also function as the chairman advisory board, in terms of the provisions of the Jammu and Kashmir Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act and the Jammu and Kashmir Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988, the spokesman said.
The position of chairman for the advisory board under the Jammu and Kashmir Public Safety Act was lying vacant since March 2018.
Meanwhile, SAC also accorded sanction to the promotion of IAS officers — Baseer-ul-HaqChoudhary, Choudhary Mohammad Yaseen and Sachin Kumar Vaishy of 2015 batch to the Senior Time Scale of IAS (Level 11 in the Pay Matrix) w.e.f 01.01.2019.