FICO opposes lump-sum tax on Iron & Steel
Author(s): City Air NewsFICO delegates meet Darbara Singh, AETC, Ludhiana. Ludhiana, August 7, 2014: A delegation of Federation of Industrial and Commercial Organisations (FICO), Ludhiana under the Chairmanship of K.K.Seth met Darbara...
cityairnews
Aug 7, 2014 12:30
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FICO delegates meet Darbara Singh, AETC, Ludhiana.
Ludhiana, August 7, 2014: A delegation of Federation of Industrial and Commercial Organisations (FICO), Ludhiana under the Chairmanship of K.K.Seth met Darbara Singh, Assistant Excise & Taxation Commissioner, Ludhiana regarding problems being faced by industry especially with regard to excise & taxation department.
The delegates said Department of Excise & Taxation is going to bring iron & steel in tax free or lump-sum tax Structure. It was discussed in detailed & opposed that iron & steel is not an end product it should not be bring in first stage or tax free because it will affect cost of raw material. It is not technically feasible as central excise is charged on clearance of goods with time on invoice. It is not possible with lump-sum VAT.
They said c form should be on line & should be annually instead of quarterly. They said department is refunding the amount after deducting the VAT at the fourth stage. They requested not to insist & deduct the amount from 3rd stage & 4th stage.
Gurmeet Singh Kular (President, FICO) and Tirlochan Singh Matharoo (Executive Member, FICO) were among those present.
