Govt working-out GST incentive structure to benefit local industry, customers: Drabu
‘Subsidy given to industries should translate into reduced prices, value addition, employment generation’
15/08/2017
SRINAGAR, Aug 14: Minister for Finance, Labour & Employment, Dr Haseeb A Drabu, today said the State Govern ment is formulating a comprehensive incentive structure under Goods and Service Tax (GST) regime which will benefit local industries and local customers while tackling the scourge of corruption.
The Finance Minister was chairing a meeting at his office chambers here to discuss the incentive structure to be extended to the industries in J&K under GST regime. He said the new incentive structure will protect the local industry and benefit local customers.
The meeting was also attended by Principal Secretary, Finance, Navin Choudhary, Commiss ioner Secretary, Labour and Employment, Kifayat Hussain Rizvi, Commiss ioner Sales Tax, Parvaiz Iqbal Khateeb and other officers of the concerned departments.
“Major industries we want to promote which have good potential in the state should be identified. The focus of industries should be on strengthening the economy through employment generation and other value addition measures," Dr Drabu said.
He said the State Government, under Chief Minister Ms Mehbooba Mufti, is committed to incentivize the industries but the tax and fiscal incentives should also be given in such a manner that it promotes greater employment and higher value addition. He also directed the Labour and Employment department to compile comprehensive data on the industries and the employment
generated by them.
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