STATE TIMES NEWS
JAMMU: A delegation of Bari Brahmana Industries Association (BBIA) led by its President, Annil Suri met Managing Director, SICOP to finalise the modalities for the implementation of Cashless System of VAT for the purchase of raw materials through SICOP from 1st November 2014, which was pending since long.
The Managing Director, SICOP issued necessary instructions to the concerned officials to implement the Cashless System of VAT with immediate effect.
By implementing the Cashless System, the industrial sector will get a big relief as a huge amount to the tune of approximately Rs. 70 crore has since been blocked on account of refund of VAT paid to SICOP prior to 1st November 2014 which had resulted in to blockage of working capital limits of industrial sector.
Welcoming the decision of Chief Minister and Ministers for Planning, Finance and Industries, BBIA requested Chief Minister, Omar Abdullah to issue orders for immediate release of balance Rs. 70 crore during current financial year to clear the long pending outstanding amount of industrial sector in order to make them comfortable by infusing liquidity in their working capital.
The meeting was attended by Rahul Bansal, Vice President, Lalit Mahajan, General Secretary, J.L Gupta and other prominent industrialists along with the officials of the SICOP.
