Industry faces hardship due to pending GST reimbursement: BBIA

Excelsior Correspondent

JAMMU, May 6: Bari Brahmana Industries Association (BBIA) has said that the industrial units in J&K are facing severe hardships due to pending GST reimbursements.
An urgent meeting of the BBIA was held under the chairmanship of Lalit Mahajan, president, and attended by Tarun Singla (senior vice president), Ajay Langer (vice president), Viraaj Malhotra (general secretary), Rajesh Jain (secretary), and Rishi Kant Gupta (treasurer).
The members unanimously expressed grave concern over the inordinate delay in the release of approximately Rs 20 crores in GST reimbursement claims, duly sanctioned by the State Tax Department and forwarded to the Additional Treasuries of J&K for disbursement. Despite the completion of all procedural formalities, the Finance Department has yet to allocate the requisite funds, causing severe financial distress to operational industrial units across the Union Territory.
Mahajan highlighted that as per the provisions laid out in the relevant SROs, CGST/SGST reimbursement payments are mandated to be released within 21 days from the date of claim submission. However, the sanctioned claims for the period ending 31-12-2024 remain unpaid, resulting in significant blockage of working capital. This has adversely impacted the ability of unit holders to meet essential obligations, including payment of salaries and statutory dues.
The delay has triggered growing frustration and anxiety among industrialists, many of whom are already grappling with rising input costs and market uncertainties. The situation calls for immediate intervention by the highest authorities.
The BBIA has appealed to Chief Minister Omar Abdullah and Santosh Dattatreya Vaidya, Principal Secretary, Finance Department, to urgently intervene and ensure timely release of the sanctioned funds to the Additional Treasuries. Prompt disbursal of these dues will provide much-needed relief to the existing industrial base and safeguard employment and economic activity in the region.

The post Industry faces hardship due to pending GST reimbursement: BBIA appeared first on Daily Excelsior.

News