FICO demands 0% VAT on bicycle industry

Ludhiana, February 17, 2015: A delegation of Federation of Industrial and Commercial Organisations (FICO) led by its chairman K.K.Seth welcome Tejvir Singh Sidhu, Assistant Excise & Taxation Commissioner, Ludhiana on his new appointment at Ludhiana-1. They also discussed problems faced by industry particularly related to Excise & Taxation Department. 

Delegates pointed out that there is a very strong demand from industry regarding 0% VAT on bicycle industry but government is delaying it. “We request you to give relief to the industry because the market is very slow with the pending decision of the government”, they said. They sought that the government should declare it as early as possible to save the industry.    

Regarding fourth stage verification for VAT refund, the delegation said Excise & Taxation Department verifies before refunding the VAT up to fourth stage, whereas there is no such provision to do so and department cannot verify even from first stage. The industry that has already paid VAT to the earlier stages should be allowed refund without any deduction and without raising any objection. 

Gurmeet Singh Kular President, Vipan Mittal Senior Vice President, Jagatvir Singh Joint Secretary FICO and Vijay Mehtani President Punjab Dyers Association were among those present.