Jammu, Jan 3 (KNN) The Micro, Small and Medium Enterprises (MSMEs) in the state have urged upon the Government to reimburse 5 per cent as financial support on sale value of goods to them in Jammu and Kashmir.

Bari Brahmana Industries Association (BBIA) members in a meeting held on Thursday appealed to Lt Governor Girish Chandra Murmu to reimburse 5% on the sale value of the goods within the Jammu and Kashmir for the survival of the existing MSME sector.

During the meeting members also raised serious concern in respect of SRO 59 & 60 dated 31-12-2019 issued by Jammu and Kashmir Finance Department to abolish Toll Tax across the State, resulting serious setback to the Industrial sector here.

''In post GST regime, the import of Industrial goods from outside the State has been increased in many fold, which were being manufactured by local sons of the soil by setting up of their units with the investment of their hard earn money and running with the capacity of 25 to 30% in post GST regime.'' BBIA said in a press release.

They further said that the removal of Toll Tax, the Unit holders will have no option but to close down their units which may be result in to the conversion of their working capital/ Term Loan in NPA, mass scale retrenchment of industrial labour directly/indirectly employed in Industrial Sector, loss of power revenue and negative Impact on the economy of the State.

''With the recent move of Government with the removal of Toll Tax at Lakhanpur and other Check Post across the State, the whole State will now be flooded with the unaccounted goods and other related material which will prove as death nail for the Industrial sector of the state and the worst suffers will be the industrial sector of the State,''

They appealed the Lt Governor Girish Chandra Murmu to consider request for the reimbursement of 5% on the sale value of the goods within the Jammu and Kashmir UT for the survival of the existing MSME sector as financial support on the Industrial products being manufactured by the local Industrial units.

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