Excelsior Correspondent
JAMMU, Oct 23: Bari Brahmana Industries Association (BBIA) has demanded refund of fiscal incentives under central package for the unit holders in the J&K State.
A meeting of the members of Bari Brahmana Industries Association was held here under the leadership of Lalit Mahajan president, BBIA in presence of Suresh Mahajan- senior vice president, Ajay Langer- general secretary, Vivek Singhal- secretary and Viraaj Malhotra- treasurer and members of BBIA.
During discussion, members present in the meeting showed their great resentment in respect of guidelines issued by DIPP as per notification dated October 5, 2017 by the virtue of which the refund under the central package of incentives is permissible on quarterly basis instead of monthly basis as defined in the Central Excise Notification 56 & 57/2002 and 1/2010 resulting blockage of working capital as it will take around four to six weeks after the submission of claim for taking the refund from Ministry of DIPP, Govt of India.
It is pertinent to mentioned here that prior to GST regime, the refund of fiscal incentives was on monthly basis with the self credit procedure whereas no such provision was incorporated in the Notification dated 05-10-2017 resulting great financial crunch for the working units of the State in near future.
While going through the procedural guidelines for taking the refund, unwarranted conditions imposed by the department which leads to great harassment to the Unit holders which we termed as road block for the “Ease of Doing Concept” adopted by Govt of India.
The BBIA urged upon the Union Finance Minister Arun Jaitley, Union Minister for Industries & Commerce Suresh Prabhu and J&K Industries & Commerce Minister Chander Parkash to intervene in to the matter for the issuance of necessary amendments in the Notification with the refund of fiscal incentives on monthly basis instead of quarterly basis to provide relief to the industrial sector of J&K.
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