BBIA demands monthly refund of fiscal incentives under central package of incentives

A Meeting of the Members of Bari Brahmana Industries Association was held here under the President ship of Lalit Mahajan president, BBIA in presence of Sh. Suresh Mahajan, Sr. Vice President, Sh. Ajay Langer General Secretary, Sh. Vivek Singhal Secretary and Sh. Viraaj Malhotra Treasurer & members of BBIA.

During the Course of Discussions, Members present in the meeting showed their great resentment in respect of Guidelines issued by DIPP as per Notification dated 5th October 2017 by the virtue of which the Refund under the Central Package of Incentives is permissible on Quarterly basis instead of Monthly basis as defined in the Central Excise Notification 56 & 57/2002 and 1/2010 resulting blockage of Working Capital as it will take around four to Six Weeks after the Submission of Claim for taking the Refund from Ministry of DIPP Govt. of India.

It is pertinent to mentioned here 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 05-10-2017 resulting great Financial Crunch for the working Units of the State in near future.

While going through the Procedural Guidelines for taking the refund, unwarranted conditions imposed by the Department which leads to great harassment to the Unit Holders which we termed as Road Block for the “EASE OF DOING CONCEPT” adopted by Govt. of India.

We request Hon’ble Union Finance Minister Sh. Arun Jaitley, Hon’ble Union Minister for Industries & Commerce Sh. Suresh Prabhu and Hon’ble Industries & Commerce Minister of our State Sh. Chander Parkash to kindly intervene in to the matter for the 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&K.
Updated On 10/23/2017 5:03:08 PM