FINANCIAL CRUNCH IN J&K INDUSTRIAL SECTOR DUE TO PENDING LIABILITY OF APPROX. 50 CRORES GST REIMBURSEMENT CLAIMS WITH STATE TAX DEPARTMENT – BBIA
Jammu, 30-01-2025: An Urgent Bari Brahmana Industries Association (BBIA) meeting was held today under the Presidentship of Sh. Lalit Mahajan in the presence of Sh. Tarun Singla, Sr. Vice President, Sh. Ajay Langer Vice President, Sh. Viraaj Malhotra General Secretary, Sh. Rajesh Jain, Secretary, and Sh. Rishi Kant Gupta, Treasurer BBIA, and other Members to discuss the issue in respect of blockage of Working Capital of Industrial Units as the Finance Department failed to release approx. Rs. 50 Crores to State Tax Department to clear the pending Claims of GST Reimbursement liability of sanctioned GST Reimbursement Claims of working Industrial Units.
While highlighting the issue Sh. Lalit Mahajan draws the kind attention of Hon’ble Lt. Governor Sh. Manoj Sinha, Hon’ble Chief Minister Sh. Omar Abdullah, & Sh. Santosh Dattatreya Vaidya (IAS), Principal Secretary Finance Department towards the Reimbursement Claims of CGST/SGST amounting to approx. Rs. 50 Crores duly sanctioned for the period Ending 30-09-2024 as per the Budget allocated for the Financial Year 2024-25 but due to the least priority of the Finance Department to clear the listed Outstanding of Industrial Units, great resentment reported amongst the Unit Holders due to blockage of Working Capital.
It is pertinent to mention here that as per the guidelines of SROs, the payment of Reimbursement claims of CGST/SGST should be released within 21 days from the date of submission of claims but the payments of approved claims of Approx. Rs. 50 Crores submitted for the period up to 30-09-2024 awaiting sanction of Budgetary Allocation /allotment of requisite funds to Additional Treasuries by Finance Department resulting in the working Units suffering very badly as the Unit Holders failed to pay the Salary/Wages and other dues in time.
We request Sh. Manoj Sinha, Hon’ble Lt. Governor, Sh. Omar Abdullah, Hon’ble Chief Minister, and Sh. Santosh Dattatreya Vaidya (IAS), Principal Secretary Finance Department for their kind intervention for the release of requisite funds on pa riority basis to the State Tax Department/Additional Treasuries for the reimbursement of GST Reimbursement Claims, which will provide great relief to the industrial units.