New Delhi, Oct 4 (KNN)  Following the repeated requests of the Micro, Small and Medium Enterprises (MSMEs) in Jammu and Kashmir demanding issuance of the official notification of the announced incentives under the Goods and Services Tax (GST), the MSMEs in the region might suspend the industrial activity.

MSME body Bari Brahmana Industries Association in a press statement informed about the latest development.

BBIA informed that the non-issuance of notifications by the State/Central Govt. regarding the extension of package of incentives under GST Regime due is causing a great deal of uncertainty among the micro and small enterprises of the state.

BBIA further said that the Central Govt. failed to issue the Notifications as approved by the union cabinet on 16/08/2017 with in a time frame of six weeks, which expired on 30-09-2017.

Despite repeated demands and requests in the line by different MSME bodies, the industry so far hasn’t received anything significant other than assurances.

Earlier the State Finance Department informed that the delay is due to the pending nod from the center.

Industrial units working in the state are in terrible position as the funds are blocked by way of depositing the GST.

BBIA said that the industry is to suffer the fatal blow, that would further lead to mass scale retrenchment of industrial workers and thousands of accounts will have to succumb as NPAs.

The MSMEs might close down their production units if the notification is not issued by the end of this week, BBIA added. (KNN/DA)