Sukhbir promises automatic fast track VAT refund system

 by Punjabnewswire4u

CHANDIGARH, APRIL 22

The Punjab Deputy Chief Minister, Mr. Sukhbir Singh Badal, today said that Punjab would be the first state in the country that would introduce online automatic fast track VAT Refund System for compliant dealers and industrialists having good track record.

           Speaking to a delegation of industrialists from Ludhiana that called on him here today to press for their demand to make electricity duty to industrial sector Vatable, Mr. Badal said that his single point agenda for Excise and Taxation Department was to make the system transparent and client friendly so that interaction between trader and excise and Taxation Department could be eliminated. He said that within six months, the whole Department would be paperless and by June this year the department would complete the exercise of categorization of VAT dealers in A, B and C category. He said that A category dealers would be compliant Dealers with top class track record and would be eligible for automatic fast track refund of VAT. He said that for B category the VAT refund would be refunded in minimum possible time and for C category certain checks would be incorporated for making refunds.

           Mr. Badal said that his outlook was always industry friendly and he wanted that Industry should become partner in the progress of the country and state would ensure total support to it. Mr. Badal said that he was favourably considering the suggestion of a section of industry to impose lump-sum tax on certain categories of Industry with that Industrial sector promising a set amount of tax every year in the kitty of the Government. The Deputy Chief Minister said that Punjab would be the first state that would have most comprehensive interactive portal that would eliminate the returns by papers by any section of society. He said that if industry and trade cooperates by declaring their income willfully he can contemplate the waiver of 80% of records and books being maintained by them.

           Promising to have a re-look on the demand of Ludhiana Industry for making electricity duty VATable, Mr. Badal said that he has asked the department to study all pros and cons of the demand.

           Speaking about the future power scenario Mr. Badal said that by the end of this year the thermal plants of the state would start generating power and state would be getting power at average Rs. 3 to 4 per unit against Rs. 7 to 8 being spent by the state to purchase the power during peak season. He said that once the state becomes comfortable with the power scenario, he would pass on the benefit of cheaper power to the end consumer including industrial sector.

           Mr. Badal said that the new industrial policy would be the most investment friendly policy that is aimed to eliminate ‘Inspector Raaj’ from the state. He said that he wants to make Ludhiana most developed industrial hub of the country and Punjab has finalized the plan to spend Rs. 2000 crore in upgrading the infrastructure of Ludhiana City alone.

            Prominent amongst those were present in the meeting included Mr. Karan Avtar Singh, Principal Secretary Industry, Mr. D.P. Reddy, Secretary Excise and Taxation, Mr. Anirudh Tiwari, Secretary Power, Mr. Anurag Verma, Commissioner Excise and Taxation, Mr. Ajay Mahajan, Special Secretary to Deputy CM and former Minister Mr. Hira Singh Gabria, Mr. Kamal Oswal, Industrial Advisor.