State to come up with new VAT refund policy: Anil Joshi
The state government is mulling a new policy to solve the problem of the delay in Value Added Tax (VAT) refund being faced by industrialists. Stating this on sidelines of an annual general body meeting of the United Cycle and Parts Manufacturers Association (UCPMA) here on Thursday, industry and commerce minister Anil Joshi claimed that under the new policy, which will be implemented soon, the VAT will be refunded to industrialists within three months.
The industry in Ludhiana, particularly the cycle and parts manufactures have regularly been complaining of inordinate delay in VAT refund on the goods manufactured in Punjab sent to other states and countries and have alleged harassment at the hands of bureaucrats for this.
Replying to queries of mediapersons, Joshi said the complaints about the e-tripping system by the industry and traders were unfounded and said e-tripping was not a new tax imposed by the state government and was only a way to simplify the tax collection process. "The government was ready to address any issues arising out of this system," he said.
Rejecting the concerns of cycle industry about the proposed hike in minimum wages by government, Joshi said at a time when there has been unprecedented rise in prices of essential commodities, it was very much required to raise minimum wages of workers so that they could make both ends meet under these circumstances.
Questioning the objections being raised against the proposal, he said it was not good that the rich and effluent people were objecting to such a move.
On the question of framing of new industrial policy announced by government recently, Joshi said the process of framing the policy was at the final stage and it will be announced soon.
"The government has taken the views of representatives of industry and different association while framing this policy and it will benefit the industry," he said.
Siding by his party on the issue of FDI in multi-brand retail, Joshi said the decision is not in favour of traders, farmers and industry and will render several people jobless.
Addressing the delegates, the industry minister said the government was committed to provide positive atmosphere for industry and asserted that it would not let the industry to migrate to other states such as Gujarat and Madhya Pradesh as was speculated.
"The process of granting sanction to set up any new industry in the state will be completed in 30 days, barring the power connection, which will be provided after the grant of sanction," he said.