Srinagar, Mar 18: Deputy Chief Minister Surinder Kumar Choudhary on Tuesday informed the Assembly that the disbursement of pending turnover incentives for eligible industrial units in Jammu and Kashmir for the financial year 2022-23 will be completed by March 2025, subject to the availability of funds.
The statement came in response to a question raised by Youth National Conference (YNC) Provincial President and MLA Hazratbal, Salman Ali Sagar, who sought clarification regarding the disbursement of incentives under the J&K Industrial Policy 2021.
Choudhary, who also holds the portfolio of Industries & Commerce, outlined the details of the policy that provides turnover incentives to eligible industrial units. He explained, “The J&K Industrial Policy (117 IND of 2021) stipulates that micro units are entitled to a 3% turnover incentive, while small, medium, and large units are eligible for a 2% incentive. These incentives are capped at Rs 10 lakh per annum for micro units and Rs 50 lakh per annum for larger units.”
He added, “To qualify for these incentives, units must be registered under GST in Jammu and Kashmir on or before March 31, 2021.” He further clarified that these incentives are available for a period of 5 consecutive years, subject to an overall annual cap of Rs 50 crore for the entire UT.
For the year 2021-22, Choudhary revealed that a total of Rs 25.74 crore was released to eligible industrial units across the Jammu and Kashmir divisions. “In Jammu Division, Rs 21.94 crore was distributed among 742 units, while Rs 3.80 crore was allocated to 371 units in the Kashmir Division,” he said.
Regarding the disbursement for the 2022-23 period, Choudhary reassured the Assembly, stating, “The claims for the 2022-23 financial year are currently under process and will be cleared by March 31, 2025, subject to the availability of funds.”
