BBIA appeals for issuing notifications for industrial sector

JAMMU, MAY 9: BBIA has appealed to the Chief Minister Ms. Mehbooba Mufti, Dy. Chief Minister Kavinder Gupta and Syed Mohd Altaf Bukhari to intervene in the matter for the Issuance of pending notifications of Budgetary Support to the Industrial Units.
The appeal was made during a meeting of the members of the Bari Brahmana Industries Association which was held today under the Chairmanship of Lalit Mahajan Chairman Federation of Industries Jammu & President BBIA in the presence of Suresh Mahajan Sr. Vice President, Varun Singla Vice President, Ajay Langer General Secretary, Vivek Singhal Secretary, Viraaj Malhotra Treasurer BBIA & members of BBIA. In the meeting the members present discussed the issue in respect of Non Issuance of respective Notifications for the Budgetary Support to the Industrial Units of J&K as approved in the State Budget proposals 2018-19 which includes suitable amount of Incentives in lieu of 2% CST and Freight Subsidy for the Interstate Sale of goods.
It is pertinent to mention here that prior to GST Regime, the CST was exempted as an Incentive on the Interstate sale on goods by the Industrial Units to compensate the additional cost of Raw Materials and keeping in mind the above facts, POST GST Budgetary support was approved in the State Budget 2018-19 for the refund of suitable amount in lieu of 2% CST.
In respect of Freight Subsidy Incentive, as approved in the Budget Proposal 2018-19, the same was considered keeping in mind the additional cost for the dispatch of Finished Goods for Interstate Sale by the Industrial Units of J & K to compete with the Units located in the other parts of the Country and also to provide the relief to the Units working on Job Work basis prior to the GST Regime.
Moreover, the requisite Notifications for the refund of Suitable amount in lieu of CST and Freight Subsidy have not yet been issued by Finance Department resulting in uncertainty prevailing in the minds of Industrial Units owners, who have no option but to curtail their Production and retrench the work force.