Srinagar
The Senior Vice President, Kashmir Chamber of Commerce and Industry Nasir Hamid Khan on Tuesday called on Kewal Kumar Sharma, Advisor to Jammu and Kashmir Governor Satya Pal Malik in the Civil Secretariat, Jammu.
The spokesman said that the Kashmir Chamber of Commerce and Industry raised the issues which required immediate attention of the State Government like lapsing of the GST refund to industrial units of Kashmir and re schedulement of Amnesty Scheme announced to settle unresolved issues of VAT regime for which a final opportunity had been given for submission of installments by November 14, 2018.
The winter months being leanest months for the business community, the KCC&I proposed a fresh schedule starting from 31st of March, 2019 may kindly be considered in view of our fragile economic condition.
The spokesman said Nasir Hamid Khan brought to the notice of the Advisor that the delay in the release of the GST refund – which basically was part of the working capital of the industrialists, was stuck due to delay in the mandatory DIPP inspections and other issues. As the lapsing of funds would create further complications in the matter, the Sr Vice President requested the Advisor to consider issuing instructions for release of the GST refund against an undertaking or affidavit which the unitholders would be providing.
“The issue of delay in deciding the issue of Input Tax Credit for the stocks destroyed in the September 2014 floods was also brought to the notice of the Advisor,” he said.
Khan informed K K Sharma that on the recommendations of the Commercial Taxes Department in January 2018, the waiver was in-principle approved by the then Finance Minister in February 2018 who had directed the Department to submit a report in this regard.
Though all the process had been completed in this regard, a final decision was still awaited by the affected dealers. The losses suffered by the industrial unit on account of erratic supply of electricity to industrial areas was also taken up with the Advisor.
