Punjab FCT and ETC endorse “e-TRIP system”

Industry and trade fail to convince them to withdraw  “e-TRIP system”   

Ludhiana, October 1, 2012:  Punjab Financial Commissioner (Taxation), DP Reddy has categorically endorsed the newly launched e-TRIP system in Punjab.

Interacting with the industrialists during a meeting held under the banner of Apex Chamber of Commerce and Industry (Punjab) here today, he emphatically said the “e-TRIP system” would help in keeping a vigil on bogus billing by trade and industry.

Reddy sought that the industrialists and traders should come forward and extend their cooperation in the implementation of “e-TRIP system”.  He said they were ready to sort out the problems if anybody faced any kind of difficulty in adopting the new system.

Replying to a question, Reddy told that the the trade and industry could avail the 75 per cent of the VAT refund after submitting indemnity bond.

Excise and Taxation Commissioner, Punjab, A Venu Prasad too said that e-TRIP system had been launched to further enhance the tax collection. He too believed that the new system would be able to check illegal practice  of bogus billing. He too said the department concerned was committed to resolve the concerns on the system.

The trade and industry leaders, including KK Garg, Rajneesh Ahuja, PD Sharma, Sunil Mehra and KK Seth strongly spoke on the problems being faced by the trade and industry due to e-TRIP system delayed payments of  VAT refunds and other issues.

When Mehra pointed out that the trade and industry was not thieves as was being considered by the state government. He said if the state government thought that there were tax evaders then this could be possible only with connivance of certain departmental officials. He said if black sheep were there in the trade and industry then these also existed in the department.

In reply, Reddy categorically said that they would not spare anybody if there were “black sheep” in the department. He said strickest action would be taken against such officials.    

Later, in an informal interaction with the media persons, the Punjab ETC A. Venuprasad told that the revenue collection in first two quarters of last fiscal was about Rs. 5,000 crore and it had risen to Rs. 5,950 crore during the same period during current fiscal.