Excelsior Correspondent
JAMMU, Sept 11: Association of Industries (AOI), Gangyal has urged the Government to release pending SGST and turnover incentives of the industriaists without any further delay.
A meeting of the Association was held here today under the chairmanship of its president, Virendra Jain and attended by all the office bearers. While speaking on the occasion Jain said AOI is compelled to bring to the attention of the Principal Secretary, Finance, the dire situation faced by industries in Jammu & Kashmir due to the non-release of State Goods and Services Tax (SGST) claims and Turnover Incentives which were promised, declared and much publicized by the Government.
Jain firther said that despite significant contribution to the local economy and maintaining a level playing field by passing on benefits to the market Government is not releasing the funds to the Industry. The Industry is facing an unprecedented crisis. He said the pending SGST claims for the last four quarters and long overdue turnover incentives have severely strained the financial resources of industrial units, threatening their very survival.
“AOI has been persistently highlighting this issue and it is imperative that immediate action needs to be taken to release these funds. The delayed release of these incentives not only hamper the growth and competiveness of the industry but also jeopardizes the livelihoods of thousands of employees and workers dependent on these industries,” Jain said.
He said the plight of the local MSME has further worsened due to the environmental destruction and havoc of floods and they require to be instantly complimented by immediate release of financial incentives.
In light of the above, Virendra Jain urged the Principal Secretary, Finance to expedite the release of pending SGST claims and turnover incentives at the earliest. This step, he said, would provide much-needed relief to the industry and help sustain the economic momentum in the region.
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