Jammu and Kashmir Government today announced that it will reimburse 100 percent state's share of Goods and Services Tax (SGST) to existing 'eligible' manufacturing units operating in J&K.
The government today 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 percent reimbursement of the State Tax paid (SGST) after utilization of the input tax credit (ITC), an official spokesperson said, while elaborating the notification.
The government shall also reimburse 42 percent of the Central Tax paid (CGST) in addition to the 58 percent reimbursed by the Central Government under its existing scheme, after utilization 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 this evening.
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, said the spokesperson.