JAMMU, MAY 18:
A Delegation of Federation of Industries Jammu/Kashmir under the Chairmanship of Lalit Mahajan, Chairman FOIJ & Sh. Ashraf Mir, President FCIK met with Syed Mohd Altaf Bukhari, Finance Minister in his office chamber during a high level meeting at Srinagar.
During the course of discussions, the Representative of FOIJ/FOIK raised the issue in respect of blockage of huge amount of working capital in respect of deposit of IGST/CGST and SGST since 8th July 2017 in the GST Regime against the Fiscal Incentives of the Central/State Govt. as granted for the Industrial Sector of J & K.
Finance Minister gave a patient hearing to the issues raised by Federation of Industries Jammu & Kashmir and issued on spot instructions to Principal Secretary, Finance Department for the release of 90% payment on Provisional basis in respect of CGST/SGST REFUND CLAIMS of Industrial Units of J&K to provide relief to the Industrial Sector of J &K for which requisite funds stands allocated.
It was also decided in the meeting to convene a high level meeting of Finance Department, Industries Department & Power Development Department during next week with the Representative FOIJ/FOIK to resolve the issue of Price Preference and other related issues of the Industrial Sector of J & K.