J&K Ind Sector facing financial crunch
Excelsior Correspondent
JAMMU, Jan 30: Bari Brahmana Industries Association (BBIA) Jammu has said that due to non-payment of pending GST reimbursement liability worth over Rs 50 crores the Industrial Sector in J&K has been facing severe financial crunch.
An urgent meeting of the BBIA was held today under the presidentship of Lalit Mahajan in presence of Tarun Singla senior vice president, Ajay Langer vice president, Viraaj Malhotra- general secretary, Rajesh Jain -secretary and Rishi Kant Gupta, treasurer BBIA, and other members to discuss the issue in respect of blockage of working capital of Industrial units as the Finance Department failed to released Rs. 50 crores to State Tax Department to clear the pending claims of GST reimbursement liability of sanctioned GST reimbursement claims of working Industrial units.
While highlighting the issue Mahajan drew the attention of Lt Governor Manoj Sinha, Chief Minister Omar Abdullah, and Santosh Dattatreya Vaidya, Principal Secretary Finance Department towards the reimbursement claims of CGST/SGST amounting to nearly Rs 50 crores duly sanctioned for the period ending 30-09-2024 as per the Budget allocated for the Financial Year 2024-25 but due to least priority of Finance Department to clear the listed outstanding of Industrial units great resentment reported amongst the unit holders due to blockage of working capital.
It is pertinent to mention here that as per the guidelines of SRO’s, the payment of reimbursement claims of CGST/SGST should be released within 21 days from the date of submission of claims but the payments of approved claims of Rs 50 crores submitted for the period up to 30-09-2024 awaiting sanction of Budgetary allocation/allotment of requisite funds to additional treasuries by Finance Department resulting the working Units suffering very badly as the unit holders failed to pay the salary/wages and other dues in time.
BBIA requested the Lt Governor, Chief Minister and Principal Secretary Finance Department for their intervention for the release of requisite funds on priority basis to State Tax Department/Additional Treasuries for the reimbursement of GST reimbursement claims which will provide great relief to the Industrial Units.