FICO members not to file worksheet-7

Ludhiana, July 27, 2014: Office-bearers of Federation of Industrial and Commercial Organisations (FICO), Ludhiana on Sunday held a meeting under the presidentship of Gurmeet Singh Kular and discussed about worksheet-7.
The meeting opposed worksheet-7 and decided that they not file it. Further they requested to department concerned to simplify the procedures to felicitate the industry.   
Regarding submission of stock statement U/s 13 (i), Kular said there are hundreds of items of bicycle parts and it is too difficult to submit the statement of stock of each & every parts. Industry should be exempted in doing so. He added it is very difficult to calculate the utilisation of input tax credit under worksheet-7.