The Bari Brahmana Industries Association (BBIA) has accused the Finance Department of Jammu and Kashmir of neglecting its responsibility to disburse funds for reimbursing CGST and GST claims for industrial units in the region. The critical issue of the withholding of working capital for industrial units due to the Finance Department’s failure to release funds for CGST and SGST reimbursement claims needs immediate attention. These claims had been duly approved and forwarded by the State Taxes Department in Jammu, amounting to Rs. 25 crore for the Jammu Division. Unfortunately, these claims have been stuck at the Additional Treasury in Gandhi Nagar, Jammu, for the past month, resulting in a significant blockage of working capital for industrial units.
The current situation is indeed unfortunate and calls for immediate attention. It’s crucial to adhere to the stipulated timelines for the release of CGST and SGST funds, as outlined in the SRO, which are 21 days. The delay beyond this period can have significant repercussions for industrialists, who often rely on loans or overdrafts to maintain their operations. Timely reimbursement is essential not only for financial stability but also to uphold their credibility and ensure access to future borrowing options. The outstanding amount of over twenty-five crores owed to Bari Brahmana Industrialists has created an unforeseen and challenging circumstance for them. Furthermore, such delays in fund disbursement can create a perception of bureaucratic obstacles for existing industries, which is detrimental, especially when the administration is actively seeking industrial investments in Jammu and Kashmir. Higher authorities must take immediate action to address this issue and establish a streamlined process to prevent any further delays in the future. Ensuring the timely release of funds is essential not only to support existing industries but also to promote a conducive environment for industrial growth and investment in the region. This matter should be resolved promptly to maintain the trust and confidence of industrialists and encourage future investments in Jammu and Kashmir.
Follow our WhatsApp channel
