JAMMU: Minister for Finance, Education, Labour and Employment on Monday launched a special financing scheme of Jammu and Kashmir Bank designed to help the state industry to cope with the delay in reimbursement of GST under special tax relief.
The scheme named ‘Financing GST add on working capital for J&K Industry’ was launched by the finance minister in presence of Minister for Industry and commerce, Chander Prakash Ganga and senior government and J&K Bank functionaries, an official handout read.
Altaf Bukhari welcomed the initiative of J&K Bank adding that the scheme would provide an effective handholding to the industry to maintain its working capital and lessen the burden of GST. He said development of industry is critical for generating employment in the state and the new scheme would facilitate to achieve the desirable growth rate.
Pertinently, Jammu and Kashmir government has cleared a plan to reimburse the entire state goods and services tax (SGST) and 42% of central GST (CGST) to manufacturers who had enjoyed excise duty relief in the earlier indirect regime, the handout read.