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J&K Association Urges Immediate Reimbursement Of CGST, SGST

Updated: Jan 18, 2024 05:05:34pm

J&K Association Urges Immediate Reimbursement Of CGST, SGST

Jammu, Jan 18 (KNN) The Bari Brahmana Industries Association (BBIA) conducted an urgent meeting to address the pressing issue of blocked working capital for industrial units, on Thursday.

The J&K Finance Department's failure to release funds for the reimbursement of CGST/SGST was the central topic of discussion.

During the meeting, participating members expressed deep concern over the prolonged delay in disbursing reimbursement, which were duly sanctioned and forwarded by the State Tax Department, Jammu.

The outstanding amount, approximately totalling Rs 25 Crores for the Jammu Division, remains stagnant with the Additional Treasury, Gandhi Nagar, resulting in a significant impediment to the working capital funds of industrial units.

Highlighting the discrepancy, it was noted that as per the guidelines outlined in SROs, reimbursement claims for CGST/SGST should be released within 21 days from the date of submission.

However, sanctioned claims submitted for the period up to 30-09-2023 await the allotment of necessary funds from the Additional Treasury.

This delay reflects a casual attitude on the part of the Finance Department, and the BBIA deems it a low priority for the government, particularly considering the challenges faced by working Industrial Units in J&K, despite their contribution to employment for lakhs of local residents.

The BBIA has made a formal request for the intervention of Chief Secretary Atal Dulloo, IAS, Union Territory of J&K, and Santosh Dattatreya Vaidya (IAS), Principal Secretary, Finance Department. Their prompt intervention is sought to expedite the release of requisite funds.

(KNN Bureau)


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