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news details
BBIA demands relaxation to State industries
9/10/2019 9:47:54 PM
Early Times Report
Jammu, Sept 10: Bari Brahmana Industries Association (BBIA) has demanded relaxation to industrial units of state.
According to press release, a meeting of BBIA members was held under the chairmanship Lalit Mahajan President, Tarun Singla, Sr. Vice President, Ajay Langer Vice President, Viraaj Malhotra General Secretary, Rajesh Jain Secretary and Vivek Singhal Treasurer were also present there.
The member raised the issue in respect of current scenario prevailed in State after the Abrogation of Article 370 from Jammu & Kashmir which results into the disruption in the supply industrial goods to Kashmir valley as the unit holders have no regular contacts with the buyers from Kashmir Valley resulting in stoppage of transportation of Goods to Kashmir Valley, 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 is pertinent to mention here that the payments of the Industrial Units for the supply of goods in the month of July 2019 also blocked due to non receipt of payment through Banks and through On Line Transfers due to snapping of Internet Services.
In respect of Govt. payments, the reimbursement of CGST/SGST and 2% Refund claims in lieu of CST to the Industrial Units under the State package of Incentives, the claims of Hundred of Crores Rupees pending with the State Tax department due to non release of payment by Finance Department to Govt. Treasuries in spite of fact that the payment should be released within 21 days from the submission of claim as per the notification.
They appealed governor for waiver of bank interests on Term Loan & Cash Credit facilities for the months of July, August & September 2019 with the rescheduling of Bank Installments of Term loans, extension of the credit facility of Working Capital by 25% over and above the present sanctioned limit without any surcharge on interest beside others.
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