Early Times Report
JAMMU, May 19: The industrial sector of Jammu and Kashmir is reeling under severe financial stress due to prolonged delays by the Industries and Finance Departments in disbursing sanctioned Turnover Incentive and GST reimbursement claims, according to a statement released by the Bari Brahmana Industries Association (BBIA).
An urgent meeting of BBIA was convened under the leadership of its President, Sh. Lalit Mahajan, along with senior office bearers including Sr. Vice President Sh. Tarun Singla, Vice President Sh. Ajay Langer, General Secretary Sh. Viraaj Malhotra, Secretary Sh. Rajesh Jain, and Treasurer Sh. Rishi Kant Gupta. The meeting centered on the mounting dues-running into crores-yet to be released to industrial units despite having been sanctioned.
Mahajan raised strong concern over the Finance Department's inaction, drawing the attention of Hon'ble Chief Minister and Finance Minister Sh. Omar Abdullah to the pending GST reimbursement claims amounting to approximately ?20 crore. These claims, approved by the State Tax Department and forwarded to the Additional Treasuries, remain unpaid well beyond the 21-day payment window mandated under existing SRO guidelines.
"Despite clear guidelines, the sanctioned GST reimbursement claims for the period ending 31-12-2024 remain unpaid due to non-allotment of funds. This delay is causing acute financial hardship to working industrial units already burdened by rising transport costs, workforce migration, and economic uncertainty," Mahajan stated.
The BBIA warned that without immediate intervention, many Micro, Small, and Medium Enterprises (MSMEs) could be forced into closure, with the risk of being declared Non-Performing Assets (NPAs) by banks due to their inability to pay salaries, wages, and interest on loans.
Adding to their woes is the pending release of Turnover Incentive Claims for 2022-23. Despite repeated representations to the Industries Department, the payments have not been processed. Although assurances were given that the dues would be settled from the 2025-26 budget, the file continues to be stuck with the Administrative Department, raising concerns over bureaucratic apathy.
BBIA has appealed for urgent intervention from Chief Minister Omar Abdullah, Deputy Chief Minister Surinder Kumar Choudhary, Principal Secretary (Finance) Sh. Santosh Dattatreya Vaidya (IAS), and Commissioner/Secretary (Industries & Commerce) Sh. Vikramjit Singh (IPS), urging them to ensure the release of funds on a priority basis.
"Timely reimbursement and incentive disbursals are vital to sustaining industrial activity and protecting livelihoods in the region," the BBIA reiterated. |
