01-02-2023 : Hon’ble Union Minister of Finance presented Union Budget 2023-24 in Parliament today which we termed as Industrial Friendly and beneficial for all sections of the Society of Union Territory of Jammu & Kashmir.
Sh. Lalit Mahajan, Chairman Federation of Industries, Jammu & President, BBIA welcome the proposals for the speedy Development of MSME Sector as well as for the Corporate Sector within the Jammu & Kashmir and other parts of the Country with the following Budget announcements:-
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- Introduction of PM VIshwakarma KAushal Samman (PM VIKAS) to improve the quality, scale, and reach of their products, integrating them with the MSME value chain.
- Introduction of Vivad se Vishwas I – Relief for MSMEs under this scheme, in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security, will be returned to them by government and government undertakings. This will provide relief to MSMEs.
- With the Introduction of Vivad se Vishwas II – Settling Contractual Disputes, under this scheme to settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced. This will be done by offering graded settlement terms depending on pendency level of the dispute.
- Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with a required infusion of funds which will facilitate additional collateral-free guaranteed credit of 2 lakh crore for Micro and Small Enterprises and expand employment opportunities & the cost of the credit will be reduced by about 1 per cent.
- Introducing Skill India Digital Platform for skilling programmes and partnership with the industry will be reoriented to promote continuous skilling avenues, sustainability, and employability.
- To provide benefit to Micro enterprises with turnover up to `2 crore and certain professionals with turnover of up to` 50 lakh can avail the benefit of presumptive taxation & enhanced limits of ` 3 crore and ` 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Moreover, to support MSMEs in timely receipt of payments, this budget to allow deduction for expenditure incurred on payments made to them only when payment is actually made.
- Customs duty exemption given to Steel Scrap & Copper Scrap is being extended for another year to provide relief to MSME secondary steel producers.
8. Interest-Free Loans to States for 50 Years for Capital Expenditures to create the Infrastructure.
9. Enhancement in the Income Tax Exemptions Limit.
We request to Hon’ble Prime Minister Sh. Narendra Modi and Hon’ble Union Finance Minister Smt. Nirmala Sitharaman to provide adequate funds for the Development of Industrial Infrastructure which includes the completion of Industrial Estates in time bound manner in the Union Territory of Jammu & Kashmir on a priority basis enabling the prospective Entrepreneurs to start production in time bound manner on the basis of 28,400 Crores Industrial Package approved by Govt. of India for the Industrial Sector of Jammu & Kashmir