Excelsior Correspondent
JAMMU, Oct 8: Association of Industries (AOI) Gangyal has urged the Government to release SGST claims and turnover incentives of the industrialists of the region.
A meeting of Association of Industries Gangyal was held today under the chairmanship of its president Virendra Jain and attended by all the office bearers. Members brought to the attention of the Govt, 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. The members shown their concern towards the non-release of much promised Turnover Incentive which has jeopardized the functioning of Industry of J&K.
Jain said the Govt announced Turnover Incentives for 5 years for the industrial sector of J&K in lieu of the Toll Tax exemption and CST exemption on outside sales. Only 11% to 14% of the claims of Turnover Incentive was released for the year 2021-22 and balance amount of the filed claims for 2021-22, 2022-23 and 2023-24 is yet to be released. Despite repeated requests with the Industry Department, industrial units are still waiting for the incentives to release.
He said despite significant contribution to the local economy and maintaining a level playing field by passing on benefits to the market Govt is not releasing the funds to the Industry. The J&K Industry is facing an unprecedented crises. 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, Association head said.
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 added.
Jain has urged the Lieutenant Governor, Manoj Sinha, Chief Minister, Omar Abdullah, and Deputy Chief Minister Surinder Chowdhary to intervene in the matter and issue necessary instructions to the Finance Department to release the Turnover Incentive and the reimbursement claims of SGST at the earliest.
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