Excelsior Correspondent
JAMMU, May 18: A delegation of Federation of Industries Jammu/Kashmir under the chairmanship of Lalit Mahajan, chairman FoIJ and Ashraf Mir, president FoIK, today met with Syed Mohd Altaf Bukhari, Finance Minister, in his office chamber at Srinagar.
During the course of discussions, the representative of FoIJ/FoIK raised the issue in respect of blockage of huge amount of working capital in respect of deposit of IGST/CGST and SGST since July 8 2017 in the GST Regime against the Fiscal Incentives of the Central/State Government as granted for the Industrial sector of J&K.
It is worthwhile to mention here that, due to procedure adopted as per SRO’s for the refund of Fiscal Incentives on quarterly basis, the reimbursement is delayed and not even a single payment of Incentives made to the Industrial Units resulting the working of the units is suffering very badly.
Further the issue regarding the denial of Price Preference by the Power Development Department and other State Government departments was also discussed in the meeting and the attention of the Minister was invited to resolve the issue on priority basis.
The Finance Minister gave a patient hearing to the issues raised by the two federations and issued on spot instructions to Principal Secretary, Finance Department for the release of 90% payment on provisional basis in respect of CGST/SGST refund claims of Industrial Units of J&K.
It was also decided in the meeting to convene a high level meeting of Finance Department, Industries Department and Power Development Department during next week with the representatives of FoIJ/FoIK to resolve the issue of Price Preference and other related issues of the Industrial Sector of J&K.
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