| Finance department delays funds release, causing concern for industrial units in J&K | | | Early Times Report
JAMMU, Sept 2: An urgent meeting of the Bari Brahmana Industries Association (BBIA) convened today to address the pressing issue of the Finance Department's failure to release funds for the reimbursement of Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) claims, causing significant disruptions to the working capital of industrial units.
The meeting, presided over by Lalit Mahajan, President of BBIA, saw the presence of key members, including Tarun Singla, Senior Vice President; Ajay Langer, Vice President; Viraaj Malhotra, General Secretary; Rajesh Jain, Secretary; and Vivek Singhal, Treasurer of BBIA, among others.
Members present at the meeting expressed grave concerns over the delayed payment of reimbursement claims for CGST and SGST, which had been duly sanctioned and forwarded by the State Tax Department of Jammu. The outstanding claims amount to approximately Rs. 25 crores for Jammu Division and have been pending at the Additional Treasury in Gandhi Nagar, Jammu, for over a month. This delay has resulted in the blockage of crucial working capital funds for industrial units.
The meeting highlighted that the payment of reimbursement claims for CGST and SGST should ideally be released within 21 days from the date of submission, as per the guidelines outlined in the State Tax Department's SROs (Service Rules and Orders). However, the Finance Department's failure to allocate the necessary funds to the Additional Treasury in Gandhi Nagar, Jammu, has resulted in a significant setback for industrial units.
BBIA expressed its disappointment in the casual approach of the Finance Department, suggesting that it appears to be a low priority for the government to address the pressing needs of working industrial units in Jammu and Kashmir. The industrial sector in the region plays a pivotal role in providing employment opportunities to thousands of local residents.
BBIA earnestly requested the intervention of Lt. Governor Manoj Sinha and Santosh Dattatreya Vaidya (IAS), Principal Secretary of the Finance Department. They urged these officials to issue the necessary directives for the timely release of funds to the Additional Treasury in Gandhi Nagar, Jammu, to facilitate the release of pending payments to unit holders.
The delay in reimbursement claims is seen as a critical issue that directly impacts the economic well-being of industrial units in the region, and prompt resolution is anticipated to mitigate these challenges. |
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