New Delhi, July 3 (KNN) While the Goods and Services tax was rolled out on July 1 for the entire country except Jammu and Kashmir, there is an immediate threat to the survival of the industries in the State, fears Bari Brahmana Industries Association (BBIA).

In a recent meeting organized by the Association, the alarming situation around the industry due to the non-implementation of the GST was discussed.

The Association said that the Industrial activities won’t survive in the state as it is not possible to bring raw material from outside the state. Also on the other hand the dispatch of finished goods from Jammu and Kashmir industries cannot be done due to the difference in taxation norms between the State and rest of the country. 

As a result non-availability of tax credit is causing a choke in the industry – market supply chain and the industrial units might have to shut down soon it said.

The Association also raised fears that with other nearby states already in tune with the GST, industries might want to shift their businesses there thus leaving the small and medium units out of business, which would have several implications including rising unemployment and poverty in the state.

In this regard the Association has submitted a memorandum to the Chief Minister Mehbooba Mufti as well as the Finance Minister and Industries and Commerce Minister of the State demanding immediate implementation of the GST. It has also requested for the continuation of all present State as well as Central Fiscal Incentives even under the GST to help industry in the region survive and grow. 

(KNN/ DA)