Industry delegation meets Taxation Commissioner

Tribune News Service

Ludhiana, September 12

A joint delegation of the Federation of Industrial and Commercial Organisation (FICO) and United Cycle and Parts Manufacturers Association met Arshdeep Singh Thind, Taxation Commissioner, and HPS Ghotra, Director, GST, Punjab and Ravneet Singh Khurana, Additional Commissioner, Taxation and Audit.

The delegation was led by FICO president Gurmeet Singh Kular. The delegation members requested the officers to launch a One Time Settlement Scheme at one per cent charges if C forms & H forms are not available from the dealers from other states.

They said this will allow industrialists to submit their cases at nominal charges. They argued that this would not only be beneficial for the industry, but would also generate some extra revenue for the government. They said the industry was not in a position to pay any interest or penalty.

They said the VAT refunds were still pending with the government. They said a major bottleneck that remains for the industry was the restriction on refunds on account of capital goods. As per the provisions of Rule 89 (5) the ITC, capital goods have been excluded from the calculation of the refundable amount. “It implies that the GST paid on procurement and installation of the plant and machinery remains unutilised, blocking the working capital of the industry,” Kular told the officers.

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