NEW DELHI, Aug 16: Industries based in J&K, north eastern and Himalayan states will continue to get tax exemption till March 2027, albeit as refund, under the current GST regime which was rolled out on July 1, Finance Minister Arun Jaitley said today.
"Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027).Industries in the north eastern and Himalayan states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand under the previous excise regime used to get 10-year exemption," he said.
Under the new Goods and Services Tax (GST) regime, there is no provision for exemption but there is one section under the Act which permits refunds.
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