11-04-2023 : Federation of Industries Jammu request Hon’ble Lt. Governor for his kind intervention for the Reimbursement of Turnover Incentives to Existing Working Industrial Units for the Financial Year 2021-22.
While highlighting the issue, Sh. Lalit Mahajan Chairman Federation of Industries Jammu & President Bari Brahmana Industries Association draw the kind attention of Hon’ble Lt. Governor towards the Govt. Order No- 117-Ind of 2021 dated 19-04-2021 Clause No. 4.8 Turnover Invectives with Clause No 4.8.3, submitted by the Existing Industrial Units as on 31-12-2022 amounting to Rs. Approx. 200 Crores to Industries Department for Jammu and Kashmir Division.
Federation of Industries Jammu appeals to Hon'ble Lt. Governor for reimbursement of turnover incentives for existing industrial units in J&K. The incentives were given to ease the impact of abolishing toll tax in Jan 2020. Despite multiple requests, no funds have been released for the reimbursement, causing financial strain on units. The federation has requested an additional budgetary support of Rs. 150 crores to the Industries and Commerce Department for settling the turnover incentive claims.
It is pertinent to mention here that the Turnover Incentives were given to Existing Industrial Units as per the Industrial Policy 2021-30 to provide relief to the Units Holders who suffered due to abolish of Toll Tax w.e.f 01-01-2020 to meet the stiff competition from the outside Suppliers and the same has been passed on by the Existing Units to the consumers accordingly during the Financial Year 2021-22.
It is worthwhile to mention here that in spite of repeated requests made to Sh. Prashant Goyal, IAS Principal Secretary Industries & Commerce Department for the release of adequate funds to Director General Industries & Commerce Jammu/Kashmir for the reimbursement of Claims for the Financial Year 2021-22 but nothing has been done till date resulting in the Existing Units facing the Financial Crunch due to blockage of working capital as the amount of Turnover Incentive already passed on by Unit Holders to their Customers.
We request your good self to for your kind intervention into the matter for the allocation of additional Budgetary Support of Rs. 150 Crores by the Finance Department to the Industries & Commerce Department enabling the Industries Department for the settlement of Turnover Incentive Claims for the period ending 01-04-2021 to 31-03-2022 which will provide great relief to the Existing Industrial Units.
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