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J&K Cabinet decides to reimburse 42% of Budgetary Support Scheme of Centre

By TIOL News Service

NEW DELHI, OCT 27, 2017: JAMMU & Kashmir is the first State to approve the subsidy scheme in lieu of the Excise Duty sops offered to the industry. The State Cabinet has decided to reimburse the remaining 42% of the Budgetary Support scheme of the Union to the units located in the state till the period the union scheme is valid.

The Cabinet decision is to reimburse 100% of SGST paid by the eligible units after utilization of input tax credit. The State Cabinet has also directed the Finance Department to consider making an allocation in the year's budget to nullify the impact of erstwhile CST for industries in J&K. The detailed notification to implement the above will be issued in due course.

 


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