A training workshop for the Officers of Industries and Commerce Department on New Central Sector Scheme for Industrial Development of Jammu and Kashmir was held today here under the chairpersonship of Director I&C Anoo Malhotra.
Joint Director (M&P), Trishala Kumari; Joint Director (Dev), Ved Parkash, besides General Managers of DICs attended the meeting along with Functional Managers and Project Managers. Pawan Goswami, Functional Manager, Shahzada Noor-ul-Ain, Functional Manager along with Knowledge Partners from E&Y guided officers regarding operation of new Central Sector Scheme.
It was explained that the Present scheme aims to take industrial development to the block level in UT of J&K, which is first time in any Industrial Incentive Scheme of the Government of India. The financial outlay of the proposed scheme is Rs.28400 crore for the scheme period 2021-22 to 2036-37.
It was further stated that with GST linked Incentive upto 300% of investment in Plant & Machinery are available to the Unit holders, the scheme aims to Incentivise to New Units.
The scheme is made attractive for both smaller and larger units. JKDFC is the nodal agency for release of Incentives under various components of the scheme
The officers outlined key features including Zoning of blocks for the purpose of availing incentives to bolster Industrialisation in relatively underdeveloped regions of Jammu and Kashmir and different fiscal incentives available under the scheme-the Capital Investment Incentive, Capital Interest subvention, Goods & Service Tax Linked Incentives, Working Capital Interest Linked Incentive.
On Capital Investment Incentive, the officers stated that both new and existing units are Eligible for the incentive with maximum investment of Rs 50 crore in fixed assets including P&M & construction of Building and Capital Incentive provided at a rate of 30% in Zone A and 50% in Zone B on the investment made in Plant & Machinery (in manufacturing) or construction of the building & installation of other durable fixed assets (Service sector) limiting to Rs 5 crore & Rs 7.5 crore for Zone A and Zone B.
Existing unit can get incentive for expansion once during the tenure of the scheme and New units under the scheme will not be eligible to avail benefit under substantial expansion.