Enhance budgetary allocation for reimbursement of turnover incentives to existing units: FOIJ

Excelsior Correspondent

JAMMU, Mar 25: Federation of Industries Jammu (FOIJ) has sought intervention of Lieutenant Governor Manoj Sinha for enhancement in budgetary allocation for the reimbursement of turnover incentives to existing working industrial units for the current financial year.
While highlighting the issue, Lalit Mahajan, Chairman of FOIJ and president of Bari Brahmana Industries Association, draw the attention of the LG towards the Government Order Number 117-Ind of 2021 dated 19-04-2021 Clause Number 4.8 Turnover Invectives with Clause No 4.8.3, the annual overall Budgetary provision with a capping of Rs 50 Crores per annum against which the Turnover Incentives Claims for the financial year ending 31-03-2022 submitted by the existing industrial units as on 31-12-2022 amounting to Rs 200 crore approximately to Industries Department for Jammu and Kashmir Division.
He said that the Turnover Incentive was given to existing industrial units as per the Industrial Policy 2021-30 to provide the relief to the Units Holders who suffered due to abolish of Toll Tax with effect from 01-01-2020 to meet the stiff competition from the outside suppliers and the same incentive was passed on by the existing units to the consumers accordingly during the current financial year.
FOIJ chairman said while making budgetary provision of Rs 50 crore in the Industrial Policy, it was assured to them by the then Principal Secretary, Industries & Commerce Department, Ranjan Prakash Thakur (IRTS) during their meeting, that the amount of for Turnover Incentives for reimbursement will be revised in the budgetary allocation in due course on the basis of actual claims received during each financial year.
He said the matter was discussed with Arun Kumar Mehta during their last visit to Srinagar on 19-03-2022 and a request was made to enhance the Budgetary Allocation from Rs 50 crore to Rs 200 crore for the settlement of pending Turnover Reimbursement Claims for the financial year 2021-22 but nothing was done till date.