Imposition of advance tax on stocks lying in shops opposed
The Auto Parts Manufacturers' Association (APMA) on Saturday stated that the state government's decision to amend worksheet-7 for Value Added Tax (VAT) is an undue harassment to the business community.Updated: Jul 26, 2014 23:46 IST
The Auto Parts Manufacturers' Association (APMA) on Saturday stated that the state government's decision to amend worksheet-7 for Value Added Tax (VAT) is an undue harassment to the business community.
The association stated that the recent amendment made by the state department of excise and taxation in worksheet-7 of VAT has created a great resentment amongst traders and industrialists, vide which, advance tax has been imposed on stocks lying in shops and godowns belonging to traders and manufactures.
Gurpargat Singh Kahlon and Ranjodh Singh, president and general secretary of the association, respectively, expressed this was an undue harassment for industrialists.
"To impose advance tax on the stock is highly surprising and objectionable," said Ranjodh Singh, adding while the state government was yet to make VAT refund in crores, it is resorting to such pressure tactics to recover advance tax from businessmen.
"The government has implemented the advance tax without even thinking whether it could be feasible or not. The tax cannot be imposed before selling the goods lying in godowns," he said.
Gurpargat Singh said, "Most surprising thing is that no such advance tax has been imposed in any other states of the country."
He alleged the state government was trying to disturb the peaceful atmosphere and compel the business community to go on the path of agitation. "If the tax is not withdrawn, all members of the association will shut down units in Punjab and shift to other states," he said.
First Published: Jul 26, 2014 21:29 IST