BBIA Hails Industrial Friendly Budget for J&K UT presented by Hon’ble Union Finance Minister in Parliament
14-03-2023 : A Meeting of Bari Brahmana Industries Association (BBIA) was held today under the President ship of Sh. Lalit Mahajan in presence of Sh. Tarun Singla Sr. Vice President, Sh. Ajay Langer Vice President, Sh. Viraaj Malhotra General Secretary, Sh. Rajesh Jain Secretary and Sh. Vivek Singhal Treasurer BBIA, and other Member to discuss the JKUT Budget 2023-24 presented by Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance presented Union Territory of Jammu & Kashmir Budget 2023-24 in Parliament yesterday with the allocation of 1.18 Lac Crores Budget for Union Territory of Jammu & Kashmir with the allocation of Rs. 400 Crores, for the Development of New Industrial Estates, Rs. 500 Crores provision for GST Re-Imbursement and Turnover Incentives for Existing Industrial Units.
Sh. Lalit Mahajan, Chairman Federation of Industries Jammu & President, Bari Brahmana Industries Association convey Heartiest thanks to Smt. Nirmala Sitharaman, Hon’ble Union Finance Minster, Sh. Manoj Sinha, Lt. Governor, Sh. Arun Kumar Mehta (IAS), Chief Secretary, and Sh. Prashant Goyal (IAS) Principal Secretary Industries & Commerce Department J&K Govt. for a whopping increase in the Budget Provisions for Industry & Commerce Department of Union Territory of J&K and we are hopeful that under the said Provisions, adequate allocation has been done on the basis of our Representations given from time to time for providing relief to Existing as well as Units under Substantial Expansion also suffering very badly in post GST Regime due to dilution of Fiscal Incentives.
It is pertinent to mention here that at present the Existing Industrial Units as on 31-3-2021 who opt for the Substantial Expension to produce additional Items or Change in the Line of Activity not entitled for the Reimbursement of GST and request the Hon’ble Governor to provide the GST Reimbursement to those Units also as they are not entitled for the Gross GST Benefits under the Central Package of Incentives 2021 Scheme.
We also wish to draw the kind attention of Sh. Manoj Sinha, Hon’ble Lt. Governor and. Sh. Prashant Goyal (IAS) Principal Secretary Industries & Commerce Department towards the allocation of Rs. 400 Crores for the Development of New Industrial Estates and allocation of Funds for the Power Infra Structure in the Budget and request for the completion of Infrastructural Work in the new Industrial Estates with the availability of Road Connectivity, Power Infrastructure and other related work in time bound manner so that the prospective Investors may start the Production in time bound manner which open the doors for the employment Opportunities to the local youths.