BBIA hails implementation of cashless VAT system
Updated: Nov 07, 2014 10:45:53am
Jammu, Nov 7 (KNN) A delegation from Bari Brahmana Industries Association (BBIA) met with the Managing Director, SICOP to finalize modalities for the implementation of cashless system of VAT for the purchase of raw materials through SICOP with effect from November-1.
To follow up on the matter of cashless system of VAT, a matter long pending, the BBIA delegation was led by President, BBIA, Annil Suri.
During the course of discussions the Managing Director, SICOP issued necessary instructions to the concerned officials to implement the cash less system of VAT for the purchase of raw materials through SICOP with immediate effect as per Government Order No 124-Ind of 2014 dated 29-05-2014 and SRO No- 151 dated 29-05-2014 by virtue of which the cashless system of VAT remission to industrial sector was supposed to be introduced with effect from 01/06/2014, according to an official release from BBIA.
By implementing the cash less system of VAT for the purchase of raw materials through SICOP, the industrial sector will get a big relief as a huge amount to the tune of approximately Rs 70 crore has since been blocked on account of refund of VAT paid to SICOP prior to 01-11-2014 which had resulted in to blockage of working capital limits of industrial sector, it added.
While welcoming the decision of the J&K Chief Minister and Ministers for Planning, Finance and Industries, BBIA requested Chief Minister, Omar Abdullah to issue orders for the immediate release of the balance Rs. 70 crore during current Financial Year to clear the long pending outstanding amount of industrial sector in order to make them comfortable by infusing liquidity in their working capital.
The meeting was attended by Vice President, BBIA, Rahul Bansal, General Secretary, Lalit Mahajan, J L Gupta and other prominent industrialists along with the officials of the SICOP. (KNN Bureau)
To follow up on the matter of cashless system of VAT, a matter long pending, the BBIA delegation was led by President, BBIA, Annil Suri.
During the course of discussions the Managing Director, SICOP issued necessary instructions to the concerned officials to implement the cash less system of VAT for the purchase of raw materials through SICOP with immediate effect as per Government Order No 124-Ind of 2014 dated 29-05-2014 and SRO No- 151 dated 29-05-2014 by virtue of which the cashless system of VAT remission to industrial sector was supposed to be introduced with effect from 01/06/2014, according to an official release from BBIA.
By implementing the cash less system of VAT for the purchase of raw materials through SICOP, the industrial sector will get a big relief as a huge amount to the tune of approximately Rs 70 crore has since been blocked on account of refund of VAT paid to SICOP prior to 01-11-2014 which had resulted in to blockage of working capital limits of industrial sector, it added.
While welcoming the decision of the J&K Chief Minister and Ministers for Planning, Finance and Industries, BBIA requested Chief Minister, Omar Abdullah to issue orders for the immediate release of the balance Rs. 70 crore during current Financial Year to clear the long pending outstanding amount of industrial sector in order to make them comfortable by infusing liquidity in their working capital.
The meeting was attended by Vice President, BBIA, Rahul Bansal, General Secretary, Lalit Mahajan, J L Gupta and other prominent industrialists along with the officials of the SICOP. (KNN Bureau)
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