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| BBIA castigates Government over non release of fiscal incentives | | | Early Times Report
Jammu, Apr 3: Bari Brahmana Industries Assocation (BBIA) has criticized the state as well as union government for non-release of fiscal incentives.
According to press release, a meeting of Bari Brahmana Industries Association (BBIA) was held today under the presidentship of Lalit Mahajan president BBIA in the presence of Suresh Mahajan Sr. Vice President, Varun Singla Vice President, Ajay Langer, General Secretary, Vivek Singhal Secretary, Viraaj Malhotra Treasurer BBIA to discuss the matter in respect of acute Financial Crisis being faced by the Industrial Sector of J&K due to blockage of huge amount in respect of pending amount of fiscal Incentives of State/Central Govt.
During the course of discussions, the members present in the meeting raised serious concern due to blockage of huge amount of working capital in respect of deposit of IGST/CGST and SGST since July 8, 2017 in the GST Regime against the Fiscal Incentives of the Central/State Govt. as granted for the Industrial Sector of J&K. BBIA appealed Chief Minister Mehooba Mufti, Finance Minister Syed Mohd Altaf Bukhari and Chander Parkash, Industries & Commerce Minister to intervene in to the matter to provide immediate relief to the Industrial Units of J&K by releasing the funds on Provisional basis against the pending claims with an amendment in the requisite Notifications for the reimbursement of Fiscal Incentives on monthly basis instead of Quarterly basis and also take up the matter with Govt. of India for the release of Rs.150 Crores immediately against the sanctioned cases of DIPP in respect of CIS/Interest and Insurance Subsidy. |
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