In a bid to boost industrial development in Jammu and Kashmir, government on Wednesday night announced a special incentive package including tax holidays for new industrial units in the border state on the lines of the scheme for north eastern states. The package will be applicable to new industrial units and also exisisting units which will undertake substantial expansion, parliamentary affairs minister Pramod Mahajan told reporters while briefing on decisions of the Union Cabinet.
“Cigarette, tobacco, cigar, distilleries and breweries of alcoholic drinks as also manufacturing units of branded soft drinks would be excluded from the list of industries entitled to get excise concessions and other incentives under the package,” he said.
“Among other things, the package includes ten-year exemption from excise duty for new and expansion projects,” Mahajan said, adding that the income tax benefits being given to industrial units in the state would continue. Bureau Report