Ludhiana: CICU urges Punjab govt to address pending GST, VAT refunds

CICU president Upkar Singh Ahuja stated that since GST was implemented in 2017, CICU reports that numerous businesses remain stuck in limbo, with unresolved refund cases impeding their financial stability.

The Chamber of Industrial and Commercial Undertakings (CICU) has appealed to the Punjab government to address backlog of pending Goods and Services Tax (GST) and Value Added Tax (VAT) refunds, affecting hundreds of industrial units across the state. CICU has requested intervention from chief minister Bhagwant Maan and other ministers to resolve the issue that is critically hampering businesses.

CICU has requested intervention from chief minister Bhagwant Maan and other ministers to resolve the issue that is critically hampering businesses. (HT File)

CICU president Upkar Singh Ahuja stated that since GST was implemented in 2017, CICU reports that numerous businesses remain stuck in limbo, with unresolved refund cases impeding their financial stability. This backlog poses a particularly severe problem for industries - including bicycle parts and agricultural machinery manufacturing, where input taxes paid far exceed the output taxes collected, making timely refunds essential to sustain operations. CICU stresses that the outstanding refunds represent VAT that has already been remitted to the government and therefore should be promptly returned to the businesses to maintain their financial health.