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« VAT (Value Added Tax) »

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Punjab to refund VAT to SSI units within 3 months

July, 07th 2011
The Punjab government has decided to ensure value added tax (VAT) refund for all small scale industrial units within three months. Presiding over the meeting of Small Scale Industrial Development Board here today, Tikshan Sud, industry minister said that Punjab Chief Minister, Prakash Singh Badal had already issued directions in this regard. Sood further informed that Rs 25 crore would be spent within next four months for the development of infrastructure in all the focal points in the state. The minister said that it has been decided that the industry will be allowed to pay additional security demanded by the Punjab State Power Corporation Limited (PSPCL), in six installments after due approval from the competent authority. He said that it has also been decided that PSPCL will streamline its procedure and make technical arrangement for centralizing of monitoring the consumption within six months so as to avoid the inspections of the industry by the PSPCL officials where electronic meters have been installed. Chairman and Managing Director, PSPCL informed that to solve the problem of industry regarding repair and maintenance work, recruitment on contract basis in some zones has already been permitted.