Excelsior Correspondent
JAMMU, Jan 2: Bari Brahmana Industries Association (BBIA) has urged upon the Government to reimburse 5 % as financial support on sale value of goods to the MSME sector in the Jammu and Kashmir.
A meeting of members of Bari Brahmana Industries Association (BBIA) was held today under the chairmanship of Lalit Mahajan, in the presence of other office bearers including Tarun Singla, Ajay Langer, Viraaj Malhotra and Rajesh Jain where in the BBIA discussed the matter post abolition of Toll Post across the State from January 1st, 2020.
During meeting members raised serious concern in respect of SRO 59 & 60 dated 31-12-2019 issued by J&K Finance Department to abolish Toll Tax across the State , resulting serious setback to the Industrial sector of Jammu & Kashmir supplying goods within the State of Jammu & Kashmir due to stiff competition from the manufacturers/ traders from outside the State in future after the removal of Toll Tax by State Government.
They said in post GST regime, the import of Industrial goods from outside the State has been increased in many fold, which were being manufactured by local sons of the soil by setting up of their units with the investment of their hard earn money and running with the capacity of 25 to 30% in post GST regime and with the removal of Toll Tax, the Unit holders will have no option but to close down their units which may be resulting in to the conversion of their working capital/ Term Loan in NPA, mass scale retrenchment of industrial labour directly/indirectly employed in Industrial Sector, loss of power revenue and negative Impact on the economy of the State.
With the recent move of Govt with the removal of Toll Tax at Lakhanpur and other Check Post across the State , the whole State will now be flooded with the unaccounted goods and other related material which will prove as death nail for the Industrial sector of the state and the worst suffers will be the industrial sector of the State.
They appealed the Lt Governor Girish Chandra Murmu to consider request for the reimbursement of 5% on the sale value of the goods within the Jammu and Kashmir UT for the survival of the existing MSME sector as financial support on the Industrial products being manufactured by the local Industrial units.
Follow our WhatsApp channel