The state administrative council (SAC) which met here under the chairmanship of governor Satya Pal Malik has approved notifying an industrial scheme which will help encourage "large investment" in the sector, apart from incentivising newly-established units and also the units undergoing substantial expansion.
An official spokesman said Jammu and Kashmir has in the industrial policy-2016 fixed a target of attracting investment of Rs 2000 crore per-annum in the 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 government of India from time to time in the shape of SRO 519, SRO 521, SRO 63 and SRO 431.
"In order to attract the investment 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 spokesman said, adding: "The industrial unit shall make claim of only the cash paid in the shape of SGST after adjusting the input tax credit. The industrial unit shall exclusively be involved in the process of manufacturing activities. It shall be eligible for reimbursement of the tax on the supplies resulting due to substantial expansion only in case of units undergoing substantial expansion".
The newly-established industrial units shall be eligible for full reimbursement of the SGST paid in cash after adjusting input-tax credit, the spokesman said, adding that the scheme shall be applicable only for intrastate supplies made by the industrial units.
"The scheme shall not be applicable to the industrial units mentioned in 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, gold and gold dore, goods produced by petroleum or gas refineries, industrial units not complying with environment standards or not having applicable environment clearance from the competent authority and low-value addition activities like preservation during storage, cleaning, operations, packing, re-packing or re-labelling, sorting and alteration of retail sale price," the spokesman said.
The move will attract large investment in J&K, which in turn will expand employment opportunities for skilled youth, income generation and overall economic development in the state, the SAC said.
KOTWAL IS CHAIRMAN ADVISORY BOARD
The SAC accorded its sanction to the appointment of Janak Raj Kotwal, retired judge, J&K high court, as chairman of the advisory board under the Jammu and Kashmir Public Safety Act, 1978.
Kotwal shall also function as 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 Jammu and Kashmir prevention of illicit traffic in narcotic drugs and psychotropic substances Act, 1988.
The position of J&K PSA advisory board chairman was vacant since March last year.
PROMOTION OF IAS OFFICERS OF 2015 BATCH APPROVED
The SAC accorded its sanction to the promotion of IAS officers Baseer-ul-Haq Choudhary, Choudhary Muhammad 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.