FICO demands abolition of Section 13(1) of Punjab VAT Act 2005c

Ludhiana, July 21, 2014: A meeting of Federation of Industrial & Commercial Organisation (FICO), Ludhiana was held under the presidentship of Gurmeet Singh Kular regarding the problems being faced by industry, especially with regard to the Department of Excise & Taxation.
Kular stated that the Department of Excise & Taxation has decided to postpone the filing of worksheet-7 regarding the calculation of ITC. He added industry is already giving the quarterly return in form VAT-15 so there is no need of worksheet 7. “We request to the department to abolish it”, he said.
The department concerned is demanding utilisation of input tax credit & accordingly asking for the liability of payment of tax. It is injustice with industry because industry purchases the material after paying VAT so they request to the department to withdraw it, said Rajeev Jain, Secretary, Federation of industrial & Commercial Organisation (FICO).
Speaking on the occasion, Manjinder Singh Sachdeva General Secretary  Federation of industrial & Commercial Organisation (FICO), said it is impossible to calculate the tax because there are so many items which are used in industry & they cannot calculate the inputs that how much a product consumes polishing, chemicals.
“Department should simplify the procedures but day by day the procedures are going complicated & harassment to the industry is increasing & it will also affect the refunds because after utilisation of tax the payment of VAT will become payable otherwise if we offset it then it become refund”, said Jagatveer Singh Bittu, Joint Secretary, FICO.
Ravi Mahajan, Tirlochan Singh Matharoo, Satnam Singh Makkar, Varun Kapoor and Bachiter Singh were among those present.