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news details
Jammu industry facing financial crunch, claims BBIA
8/21/2019 10:08:48 PM
Early Times Report

Jammu, Aug 21: Bari Brahmana Industries Association (BBIA) has claimed that Jammu industry has been facing serious financial crunch.
According to press release, a meeting of BBIA members was held under the chairmanship Lalit Mahajan president in the presence ofVijay Aggarwal, President, AOI Samba, Ajit Bawa President, Kathua Industrial Unit Association, Tarun Singla, Sr. Vice President, Ajay Langer Vice President, Viraaj Malhotra General Secretary, Rajesh Jain Secretary and Vivek Singhal Treasurer BBIA and Sandeep Mittal General Secretary, Kathua Industrial Unit Association and other members to discuss the problem being faced Industrial units. During the course of meeting, member present raised the issue that due to stoppage of Internet Services across the State the Industrial Sector supplying the good to Kashmir Valley is suffering very badly as the Unit Holders have no contact with the Buyers from Kashmir Valley resulting curtailment in the Production and huge quantity of Stocks piled up with the Industrial Units due to which the Working Capital of the Units stands exhausted as they are not able to pay the GST/Power Bills/Bank Interest on Working Capital and Term Loan in near future.
It was also resolved in the meeting that hundred of Crores payment of Industrial Units since last few months blocked with the Power Development Department for the supply of Materials under the Sobhayaga Scheme of the Govt. of India as the Bills pending with the Department due to some procedural delay in spite of the facts that the Material Supplied by the Unit Holders as per the delivery schedule. It is unfortunate on the part of the Power Development Department to withhold the payment of Industrial Units in spite of the facts that the Funds already released by Govt. of India to PDD under the said scheme.
Further, all is not well in respect of reimbursement of CGST/SGST and 2% Refund Claims in lieu of CST to the Industrial Units as the claims of Hundred of Crores pending with the State Tax Department due to non release of payment by Finance Department to Govt. Treasuries.
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