Centre gives additional incentives to J&K to promote investments: DIPP

The centre has given additional incentives to Jammu & Kashmir to promote investment in the state, the department of industrial policy and promotion (DIPP) said Monday.

The four incentives -- employment incentive, transport incentive, reimbursement of central share of CGST and IGST, reimbursement of central share of income tax - have been provided under the revised Industrial Development Scheme for Jammu & Kashmir.

"Revised Industrial Development Scheme (IDS) for Jammu & Kashmir approved by Government of India and notified on Jan 1, 2019. It comes with four more new incentives in addition to 3 incentives provided earlier to the industrial units located in J&K," the DIPP said in series of tweets.

Under the transport incentive, transportation of finished goods through rail from railway station nearest to the location of an industrial unit to the railway station nearest to the location of the buyer will be reimbursed.

Also, transportation of finished goods through the airport nearest to the place of production to any airport within the country, nearest to the location of the buyer will also be reimbursed, it said.

"These additional incentives will be applicable for a period of 5 years from the date of commencement of commercial production by the industrial unit and the total benefits under all components will be limited to Rs 200 crore per unit subject to investment in plant and machinery," the department added.