A delegation of Punjab Industries and Trade Forum (PITF) met finance minister, Punjab Manpreet Singh Badal to discuss various issues of the industry. The delegation raised the issue of pending VAT and GST refunds and urged Badal to intervene at the earliest for the betterment of trade and industry.
Inderjit Singh Navyug president of United Cycle and Parts Manufacturers Association and member of PITF said, “We met finance minister yesterday and raised several issues concerning industry. The most important issue was about pending VAT and GST refunds. Acting swiftly on our request, Badal called the excise and taxation commissioner, Punjab on the spot and ordered him to release Rs. 400 Crores of VAT refund.”
Kulwant Singh, another member of PITF added, “Finance Minister informed us that in last three months government had cleared a refund of Rs. 318 crores and the pendency is around Rs. 400 crores which will be cleared shortly. Regarding GST refunds he asked our delegation to send specific instances where the industry is in trouble due to delay in GST refunds”
According to Badish Jindal another member of PITF the issue of bogus billing was also discussed with the minister. “He asked us to send a details along with possible suggestions to counter this problem. He discussed the issue of appointing IAS and IPS officers in GST department as Deputy excise and taxation commissioners and as Director Investigation. We also raised the difficulties of small cloth manufacturers as the big companies have started making cloths from inbuilt yarn and are selling the cloth at 5% GST whereas the cloth manufacturer buy the yarn at 12 % GST and sell cloth at 5% GST and there is no provision of refund,” Jindal said. The businessmen also requested finance minister to bring ‘One time settlement scheme for Punjab state power Corporation Limited and Punjab Small industries and export corporation