Excelsior Correspondent
JAMMU, Apr 3: Bari Brahmana Industrial Association (BBIA), claimed that industrial sector in the State was facing acute financial crisis.
In an urgent meeting of Bari Brahmana Industries Association (BBIA) held today under the presidentship of Lalit Mahajan, in presence of senior members Suresh Mahajan, Varun Singla ,Ajay Langer, general secretary, Vivek Singhal secretary, Viraaj Malhotra treasurer BBIA to discuss the matter in respect of acute financial crisis being faced by the industrial sector of J&K due to blockage of huge amount in respect of pending amount of fiscal incentives of State/Central Govt.
During the course of discussions, the members present in the meeting raised serious concern due to blockage of huge amount of working capital in respect of deposit of IGST/CGST and SGST since July 8, 2017 in the GST regime against the fiscal incentives of the Central/State Govt as granted for the industrial sector of J&K.
It is worthwhile to mention here that due to cumbersome procedure adopted by the Central/State Govts for the refund of fiscal incentives on quarterly basis, the reimbursement is delayed and not even a single payment of incentives made to the industrial units resulting the working of the units is suffering very badly.
It is pertinent to mention here that, Department of Industrial Policy & Promotion (DIPP) working under the Union Ministry of Industries & Commerce also failed to the release funds in respect of sanctioned cases of CIS/ Interest/ Insurance Subsidy cases till date resulting of blockage of around Rs 150 crore due to which the working of the industrial units are suffering very badly as they are not in a position to repay the installments of term loans, resulting NPA of their bank account as their working capital limit stands exhausted resulting serious financial crunch is being faced by the unit holders.
BBIA appealed to the Chief Minister Mehbooba Mufti, Finance Minister Syed Mohd Altaf Bukhari and Chander Parkash, Industries & Commerce Minister to intervene in to the matter to provide immediate relief to the industrial units in the State by releasing funds.
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