Punjab Administration To Roll Out Online VAT Refund System

Deputy Chief Minister Sukhbir Singh Badal stated that the Punjab administration will roll out an online VAT (value-added tax) refund system for traders as well as businessmen.

While talking at a gathering with industry delegacy from Ludhiana, Sukhbir stated that the working of state excise and taxation section would become more transparent.

Sukhbir Singh Badal added that the businessmen would be divided into 3 sections for payment of tax repayment to them.

Class-A businessmen will be entitled for an automatic fast track value-added tax refund. For class -B, the refund will be offered in minimum possible time whilst for class-C, certain checks would be integrated for giving tax refunds, he added.

Badal also preferred the industry’s hint of enforcing payment tax on a few sections with a promise of certain amount of tax payment to the state exchequer.

He claimed that Punjab would become the first state, which would have most all-encompassing interactive portal that would annihilate submission of paper-based tax returns.

Asking the state industry to declare their income, he said that he could consider waiver of 80% of books and records maintained by them.

Badal guaranteed that the industry delegacy that he would have a relook at the demand “for making electricity duty vatable“.