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| BBIA hails implementation of cashless VAT system | | | Early Times Report
Jammu, Nov 5: A delegation of Bari Brahmana Industries Association (BBIA) under the chairmanship of Annil Suri, President, BBIA met the Managing Director, SICOP to finalize the modalities for the Implementation of Cash Less System of VAT for the purchase of Raw Materials through SICOP wef 1-11-2014 which was pending since long. During the course of discussions the Managing Director, SICOP issued necessary instructions to the concerned officials to Implement the Cash Less System of VAT for the purchase of Raw Materials through SICOP with immediate effect 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. By implementing the Cash Less System of VAT for the purchase of Raw Materials through SICOP, the Industrial Sector will get a big relief as a huge amount to the tune of approx. Rs. 70 Crores has since been blocked on account of refund of VAT paid to SICOP prior to 01-11-2014 which had resulted in to blockage of Working Capital Limits of Industrial Sector. |
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