Excelsior Correspondent
JAMMU, Nov 5: A delegation of Bari Brahmana Industries Association, led by its president Annil Suri, met the Managing Director SICOP to finalize the modalities for the Implementation of Cash Less System of VAT for the purchase of Raw Materials through SICOP, which was pending since long.
During the course of discussions, the Managing Director SICOP issued necessary instructions to the concerned officials to implement the Cash Less System of VAT for the purchase of Raw Materials through SICOP with immediate effect as per Government Order No.124-Ind of 2014 dated 29-05-2014 & SRO No- 151 dated 29-05-2014 by virtue of which the cashless system of VAT remission to Industrial Sector was supposed to be introduced w.e.f. 01/06/2014.
By implementing the Cash Less System of VAT for the purchase of Raw Materials through SICOP, the Industrial Sector will get a big relief as a huge amount to the tune of approximately Rs 70 crores has since been blocked on account of refund of VAT paid to SICOP prior to 01-11-2014 which had resulted in to blockage of Working Capital Limits of Industrial Sector.
While welcoming the decision on Cash Less System of VAT, BBIA requested the Chief Minister Omar Abdullah to issue orders for the immediate release of balance Rs 70 crores during current financial year to clear the long pending outstanding amount of Industrial Sector for making them comfortable by infusing liquidity in their Working Capital.
The meeting was attended by Rahul Bansal, vice president, BBIA, Lalit Mahajan, general secretary, J L Gupta and other prominent industrialists along with the officials of SICOP.
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