Industry annoyed over no released of VAT Refund, Inspite of regular commitment by senior ministers

Ludhiana, July 10, 2018: MSME in Ludhiana is reeling under liquidity crunch due to fund struck up with Excise & Taxation Department, Govt. of Punjab as VAT refund. Its 1 year has been passed with GST implemented, still the old refund in tune of 800 Cr. is struck with the Punjab Govt. Senior Minister like Sh.Sunder Shyam Arora, Cabinet Minister, Industries and Commerce, Govt.of Punjab, Sh.Bharat Bhushan Ashu, Cabinet Minister, Food and Civil Supplies, and Consumer Affairs, Govt.of Punjab and Sh.Manpreet Singh Badal, Finance Minister, Govt of Punjab committed that time to time VAT Refund will be released shortly in installment of 200 Cr. alternative months, but only 67 Cr. was released. Industrialists are facing a lot of problem as VAT refund amounting to several crores are still pending with the department even after the VAT system has been abolished. Despite repeated reminders and requests by businessmen, but no action has been taken. If nothing is done at the earliest, the situation will worsen and our industry will pushed towards further crisis because industrialist are paying interest on bank limits. On one hand Government has come up with new Industry polices to attract Investment for new and existing Industry and branding a lot for Invest Punjab. Moreover, on the other hand VAT Refund is not released. “We request the Capt. Amarinder Singh, Chief Minister, Punjab and Sh. Manpreet Singh Badal, Finance Minister, Govt of Punjab to look into this matter as this has become serious issue”, said Upkar Singh Ahuja, President, CICU, Ludhiana. .