Benefits under Northeast Industrial Development Package extended to JK - watsupptoday.com
Benefits under Northeast Industrial Development Package extended to JK
Posted 22 Dec 2018 11:57 AM

Agencies
In a major step towards promoting rapid industrialization and economic prosperity in Jammu and Kashmir, the Department of Industrial Policy and Promotion (DIPP), Government of India approved extension of all benefits to J&K given to the Northeastern States under North East Industrial Development Scheme.
Till June 2017, the benefits given to new Industrial Units in Jammu and Kashmir were largely similar to the benefits extended to Northeastern States under the Industrial Development Scheme of the Government of India.
“However, when a new scheme was approved for Jammu and Kashmir separately in 2017, only 3 benefits given to the Northeast were extended to J&K and these included Capital Investment Incentive of 30 per cent, Interest Incentive of 3 per cent and Insurance Incentives – all for 5 years.
The benefits given to the Northeast, such as GST reimbursement, Income Tax reimbursement, transport incentive and employment incentives were not extended to Jammu and Kashmir. “In fact, these incentives are critical to attracting new investment and consequently, very few units took advantage of this scheme.
He said following the intervention of the Governor Satya Pal Malik and persistent efforts by the J&K’s Industries Department with the concerned Union Ministries, the Department of Industrial Policy and Promotion, Government of India today finally approved the extension of the benefits of the Northeast Industrial Development Package to Jammu and Kashmir as well.
The key additional benefits include; GST reimbursement of Central Share of CGST and IGST for 5 years, Income Tax reimbursement for 5 years, transport Incentive of 20 per cent for transport by railways or waterways and 33 per cent by air and employment incentive of an additional 3.67 per cent of employer’s contribution to EPF in addition to 8.33 per cent already paid by the Central Government under PMRPY.

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