J&K starts release of GST refund to industry; FOIJ praises move

Srinagar, June 7 (KNN) With respect to the refund cases related to GST submitted to the Commercial Tax Department of Jammu & Kashmir, State Finance Minster Syed Mohd Altaf Bukhari has released the requisite funds to Commercial Tax Department.

The department has already started the process for the refund of amount to industrial units related to the reimbursement of 42% state share of CGST and 100% SGST deposited by the unit holders, Federation of Industries Jammu (FOIJ) said lauding the Finance department's efforts.

FOIJ noted it is the first state in the country to start the process of GST refund to the industrial units.

Expressing gratitude for taking prompt action, FOIJ thanked the Finance Minister for taking keen interest for the development of Industrial Sector in our State by providing State Incentives and also taking up the matter with the Central Government for the Extension of Income Tax Reimbursement and Central IGST/CGST to the units under substantial expansion and new units which will open the avenues for the employment opportunities to the local youths of the state.

Federation also appreciated the Finance Minister for issuing notification for the Power Amnesty to industrial sector, hoteliers and resorts. (KNN Bureau)