Industrial fraternity highlights grievances, seeks immediate redressal

JAMMU, OCT 12: All Stake Holders of J&K Industries fraternity today made a humble appeal to the Prime Minister of India, Narindra Modi, Union Finance Minister, Arun Jaitley; Minister of State PMO, Dr Jitendra Singh; Chief Minister, Mehbooba Mufti; Deputy Chief Minister, Dr Nirmal Singh; Minister for Industries, Chander Parkash Ganga; Finance Minister, Dr Haseeb A Drabu for amendment of DIPP notification with refund of GST on invoice value instead of cash ledger besides issuing State Govt notification for refund of GST on invoice value, as promised earlier, without any further delay.
The representatives of Industries today addressed a Press Conference in Jammu, led by President BBIA, Lalit Mahajan in presence of Vijay Aggarwal, Romesh Badyal, Co-Chairmen FOIJ, Ajay Langer Secretary General, Pardeep Vaid Convener, Suresh Mahajan, Sr Vice President BBIA; Bansi Lal Gupta, Sr Vice President, AOI Gangyal; Sandeep Mittal, General Secretary KIUA besides others.
The members requested for amendment in DIPP package of Incentives on issues including existing scheme of Budgetary support under Goods & Service Tax Regime. They said that calculation of incentive benefit has been fixed on basis of cash ledger payment after utilization of input tax credit of central tax and integrated tax. The same is different from refund/benefit availment method in erstwhile notification wherein refund was sanctioned on lower of gross duty and cash PLA payment. The same will cost industry significantly in terms of revenue unless same is recalibrated and refund fixed on basis of transaction value, they added.
The members requested Chief Minister, Mehbooba Mufti to kindly intervene in the matter and take up the issue with the Prime Minister of India and Union Finance Minister for amendment in the notification with a request to lead delegation of Stake-Holders for an urgent meeting at New Delhi to resolve the issue. They further urged the Chief Minister, Finance Minister and Industries Minister to kindly issue State Govt. notification as early as possible for extension of State Fiscal incentives, for providing relief to State Industrial units.