Industrialists strike withdrawn, Loss Rs 20 crore estimated | punjab | Hindustan Times
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Industrialists strike withdrawn, Loss Rs 20 crore estimated

punjab Updated: Jul 10, 2014 10:13 IST
Fatehgarh Sahib

A loss of nearly 20 crore was estimated to the state and central governments by the industrialists following the shutting down of 400 industrial units on Tuesday, as part of a two-strike day that ended on Tuesday.

Industrialists struck work alleging harassment during 'illegal raids' by the Excise and Taxation Department (ETD) to recover tax as per the electricity consumed, which they claimed was an 'anti-industrialist policy'.

The loss included one day's electricity consumption, VAT taxes ( including central or state taxes) and labour charges of 1.5 lakh labourers who were on strike.

Indian Steel Rolling Mills director Vinod Vashisht said that the loss would be borne by industrialists and the governments as 12,000 MT, the daily production of the steel town of the state, was not produced due to the strike.
However, ETD state commissioner Anurag Verma said that if the losses were to be calculated according to annual tax figures it would not exceed `1.5 crore.

A senior official of ETD, on condition of anonymity, said that estimated loss of ` 20 crore was probable considering the peak season, electricity consumption other tax losses. But, the department does not have data to arrive at the exact figure.
Saying that industrialists each faced a loss about ` 50,000 each, he added that the strike was unscheduled and the units had stopped production mid way which left molten steel in furnaces. This brought losses to the furnace units.