Sanjay Bansal President Federation of all India Vyapar Mandal (FAIVM) J&K UT hails Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance presented Union Budget 2022-23, the Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017 — the finance minister said.
It is pertinent to mention here that while going through the Budget, we welcome the following points which will help in Creation of Infrastructure in Industrial Sector & Industrial Sector also: –1. Govt proposes to tweak TDS norms on sale of immovable property: – • One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh based on sale price or the stamp duty value, whichever is higher, after an amendment in the Income Tax Act.• Currently, the TDS is deducted basis only the consideration value of the immobile properties.2. Extension in Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023.3. Introduction of PM Gati Shakti National Master Plan which encompass the seven Engines for Economic transformation4. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with required infusion of funds which will facilitate additional credit of 2 lakh crore for MSMEs. 5. Customs duty exemption given to steel scrap is being extended for another year to provide relief to MSME secondary steel producers.6. Contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23 for which we request the Hon’ble Union Finance Minister to allot one Multimodal Logistics Parks to J&K.7. Enhancement in Financial Assistance to States for Capital Investment from `10,000 crore in the Budget Estimates to `15,000 crore which will help to create the Industrial Infrastructure to accumulate Prospective Big Industrial Houses from outside the State.
I, Sanjay Bansal President Federation of all India Vyapar Mandal (FAIVM) on behalf of whole J&K UT puts forward a request to Hon’ble Prime Minister Sh. Narendra Modi and Hon’ble Union Finance Minister Smt. Nirmala Sitharaman to provide the adequate funds for the completion of Industrial Estates in time bound manner for Jammu & Kashmir UT so that the UT can start the production timely as per 28,400 Crores Industrial Package approved by Govt. of India for the Industrial Sector of Jammu & Kashmir.
