Kashmir government gets 10-year extension of tax package

JAMMU - The Omar Abdullah government in Jammu and Kashmir Tuesday scored a major victory when it got another ten-year extension of the central excise package and refund on value added tax from the central finance ministry.

The extension of the sops has come following sustained efforts by Chief Minister Omar Abdullah, who has been pursuing the matter with the union government, according to an official release.

The fresh notification of the union finance ministry, besides extending the existing refund on Value Addition Tax (VAT) to ten more years, also provides exemption from requirement that plot numbers must be given for establishing any industrial unit in the state.

The existing units would also be covered under the fresh exemptions and can undertake substantial expansion or diversification with 25 percent increase in capital investment on plant and machinery or increase in regular employment by the same percentage, the release said.