BBIA seeks monthly refund of fiscal incentives - watsupptoday.com
BBIA seeks monthly refund of fiscal incentives
Posted 24 Oct 2017 01:24 PM

Agencies
Bari Brahmana Industries Association (BBIA) asked State Government to issue necessary amendments of the notification with the refund of fiscal Incentives on monthly basis in- stead of quarterly basis to provide relief to the industrial sector of J and K.
President BBIA, Lalit Mahajan in a meeting held here on Monday expressed resentment in guidelines issued by DIPP as per notification dated October 5, 2017 by the virtue of which the refund under the Central Package of Incentives is permissible on quarterly basis instead of monthly basis.
He mentioned that prior to GST regime, the Refund of Fiscal Incentives was on monthly basis with the Self Credit Procedure whereas no such provision was incorporated in the notification dated October 5, 2017 resulting great financial crunch for the working units of the State in near future.
He requested Union Finance Minister Arun Jaitley, Union Minister for Industries and Commerce Suresh Prabhu and Industries and Commerce Minister of State Chander Parkash to intervene in to the matter for the issue of necessary amendments to the notification at the earliest.
The meeting was also attended by Suresh Mahajan, Senior Vice President, Ajay Langer General Secretary, Vivek Singhal Secretary and Viraaj Malhotra Treasurer and other members of BBIA.

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