sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« VAT (Value Added Tax) »
 Filing of online return for 4th quarter of 2017-18 extension of period thereof.
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part

VAT refunds now on basis of rating
November, 07th 2013

Punjab Deputy Chief Minister Sukhbir Singh Badal Deputy today said VAT refunds will be paid online to industrialists on the basis of their rating.

Making this announcement following a meeting with senior BJP ministers, including Madan Mohan Mittal and Bhagat Chunni Lal, he said the refunds would be paid online into the accounts of the traders or industrialists on the basis of their self assessments from the corpus created by collecting advance tax.

Badal said the funds in the newly evolved corpus would be first used to clear VAT refunds.

At the end of the month, if any funds were left in this corpus, they would be transferred to the Consolidated Fund of the state, he said.

Monthly collections expected to be Rs 200 crore and these collections would be used exclusively to clear the VAT refund of around Rs 100 crore.

Giving further details, the Deputy Chief Minister said the highest tax payer would be adjudged as 'five star payee' and refunds would be paid to himm within 15 days.

Similarly, the VAT refund to 4, 3 and 2 star rated traders would be paid online within 25, 35 and 45 days, respectively.

"The criteria for such ratings would be determined on various parameters including the standing of the company, imports, exports, general turnover, past records and self assessment case file," he said.

Elaborating further, the Deputy Chief Minister said that the Excise and Taxation department would ascertain their self assessments randomly submitted to the department to verify the laid down parameters.

He also said whenever a star rated dealer applies for the refund, the department would take up his case on priority and on the basis of preliminary scrutiny, refund would be transferred within a fixed time.

"Within 45 days of issue of refund, the department will complete thorough scrutiny of all refund applications and in case of any deliberate or fraudulently wrong claim of refund, the department would impose appropriate penalty prescribed in the policy," Badal added.

The Deputy Chief Minister also announced that 200 traders would be awarded for paying the highest amount of taxes in various categories at the time of unveiling the Traders' Policy on November 14.

Industries Minister Madan Mohan Mittal said various measures taken by the SAD-BJP government would not only give relief to the traders but would also make the entire VAT procedure hassle free.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions