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| AOI urges immediate release of pending SGST claims and turnover incentives | | | Early Times Report
JAMMU, Sept 11: A meeting of Association of Industries (Regd.) Gangyal was held today under the chairmanship of its president Sh. Virendra Jain and attended by all the office bearers. AOI is compelled to bring to the attention of the Principal Secretary, Finance, the dire situation faced by industries in Jammu & Kashmir due to the non-release of STATE GOODS AND SERVICES TAX (SGST) claims and TURNOVER INCENTIVES which were promised, declared and much publicized by the Govt.
Despite significant contribution to the local economy and maintaining a level playing field by passing on benefits to the market Govt. is not releasing the funds to the industry. The industry is facing an unprecedented crises. The pending SGST claims for the last four quarters and long overdue turnover incentives have severely strained the financial resources of industrial units, threatening their very survival. AOI has been persistently highlighting this issue and it is imperative that immediate action needs to be taken to release these funds. The delayed release of these incentives not only hamper the growth and competiveness of the industry but also jeopardizes the livelihoods of thousands of employees and workers dependent on these industries.
The plight of the local MSME has further worsened due to the environmental detereation and havoc of floods and they require to be instantly complimented by immediate release of financial incentives.
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