By: Ibni Maqbool
Srinagar: The administration of Jammu and Kashmir Union Territory on Friday unveiled a scheme under which industrial units will get turnover incentive.
According to an order issued by the department of Industries and Commerce(I&), the scheme, which has come into effect concurrently with the J&K Industrial Policy,2021-30, will cover all the existing industrial units registered in the UT. The scheme has been unveiled after it was approved by LG Manoj Sinha-led administrative council, which is the highest decision-making body in the Union Territory.
Under the scheme, the incentive shall be operative for a period of five year starting from April 1, 2021 to March 31, 2026 or till the same is reviewed by the government.
As per the scheme, the quantum of incentive admissible to an existing industrial unit shall be three percent of the gross turnover of the industrial unit for the year in case of micro category units, subject to a maximum of Rs 10 lakh per annum per unit for a period of five years from the appointed date( April 1, 2021) and two percent of the gross turnover of the unit for the year in case of small, medium and large scale industrial units, subject to a maximum of Rs 50 lakh per annum per unit for a period of five years from the appointed date.
The eligible units have to apply for the turnover based incentive on yearly basis, the claims of which shall be submitted by December of the subsequent financial year.
Under the scheme, a divisional- level committee headed by Director, Industries and Commerce will be empowered to sanction the incentive.
The committee comprises Joint Director (Development), Directorate of I&C, Chief Accounts Officer, Directorate of I&C, Deputy Director, Directorate of I&C and General Manager of concerned District Industries Centre (DIC).
According to the order, the General Manager DIC shall verify the claim documents and give recommendation for placing the case before the divisional-level committee.
