Business community is facing many hassles and long delays in getting value added tas (VAT) refund. They want interest on the refund amount delayed, besides several other changes like late filing of VAT return.
Industrialists have demanded that following the completion of assessment, where refund is due, the same should be given to assessees immediately. In case the refund is not released within 60 days, provision for interest on the delayed amount should also be there.
Kamal Dalmia, an industrialist, said, “The Excise and Taxation Department never issues the refund order within 60 days. Interest rate should be brought at par with the State Bank of India lending rates.”
He said normally inspection done after getting permission from the higher authority when there was adverse information on record. “In the Punjab VAT Act there is no such provision. Hence, in the guise of inspection assesses are only harassed,” he added. He said, “The inspection should be carried out only after getting the permission from higher authority in writing and the reason for inspection should be recorded before granting approval.”
Another entrepreneur Sundeep Khosla said, “The Excise and Taxation Department initiates action on the basis of VAT-15 without seeing the VAT-20. VAT-15 is filed on quarterly basis whereas VAT-20 is filed for the whole year after reconciling the same with the annual accounts by the end of September every year. The department initiates action without seeing VAT-20. Thus, it is suggested before taking any action, the department should first verify VAT-20. This will reduce litigation and harassment of assesses.”
Other member of the business community said, “There is no provision for filing revised return in the Punjab VAT Act. An option should be there for filing the revised return in case an assesse wants to do so.”
They said Assistant Excise and Taxation Commissioner should interact with associations on quarterly basis to know problems being faced by the trade and industry for their betterment as they provided employment and generated revenue.