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| BBIA criticizes Govt for allegedly destroying industrial sector | | | Early Times Report
Jammu, Aug 27: Bari Brahmana Industries Association (BBIA) has alleged that state government was hell bent to destroy the industrial sector in the state.
According to press release, a meeting of BBIA was held today at BBIA Bhawan under the Chairmanship of Rahul Bansal, Vice President of the Association to discuss the burning issue related to the Non Implementation of Cash Less System of VAT for the purchase of Raw Martial through SICOP.
As per Govt. Order No.124-Ind of 2014 dated 29-05-2014 & SRO No- 151 dated 29-05-2014 by virtue of which the cashless system of VAT remission to Industrial Sector was supposed to be introduced w.e.f. 01/06/2014,but till date it has not been yet introduced by J&KSICOP due to which the Industrial Units are suffering very badly. The requisite funds as per SRO not yet allotted to Commercial Tax Department by the Industries Department due to which the whole procedure has been stopped resulting blockage of Crores of rupees of Industrial Sector with J&KSICOP.
As per the Guidelines issued by the virtue of Govt. Order, it is clearly mentioned that the Planning Department shall release requisite funds to Industries & Commerce Department in lump sum in the beginning of the Financial Year which shall be credited in advance by the Industries & Commerce Department, through Directorate of Industries & Commerce, Jammu/Kashmir being part of their annual plan.
But till date no action has been taken for the transfer of funds to Industries Department resulting into the non functioning of Cash Less System because of which the Unit Holders are not able to source the Raw Materials, as the old Refund Mechanism has been replaced by Cash Less Mechanism w.e.f. 01-06-2014, resulting slow down of production activities.
In spite of orders issued by Chief Minister for the implementation of the Cash Less System of VAT in the 5th Industrial Advisory Committee Meeting held on 06-08-2014, no action has been taken by the Concerned Departments which clearly shows the Negative Attitude of the Govt. towards the Industrial Sector.
An atmosphere of uncertainty prevails in Industrial Sector for the blockage of approx. 80 Crores of Rupees already paid as VAT to J&KSICOP till date but no action has been taken by the Govt. for the refund of VAT/Cash Less system resulting blockage of working Capital Limits & their Banks Accounts may be converted into NPA. We fear that the Industrial Units have no option but to close down their Units which will be resulting into the increase in the unemployment graph of J&K State in near future.
They requested Chief Minister to kindly intervene into the matter & issue necessary Orders for the release of funds on priority basis for the refund of VAT already deposited with the SICOP & also give strict instructions to the concerned Departments to introduce the Cash less System for VAT refund through SICOP to honour the decision taken in the 5th Industrial Advisory Committee which will provide relief to the Industrial Units who are paying huge amount as interest to the bank & their working capital. |
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