CICU Appeals to Punjab Govt to Clear Backlog of GST and VAT Refunds

📅 Date: October 29, 2024
📂 Categories: #GST #PunjabNews #Business
⌛ Read Time: 4 Min

The Chamber of Industrial and Commercial Undertakings (CICU) has urged the Punjab government to expedite pending Goods and Services Tax (GST) and Value Added Tax (VAT) refunds, citing a critical impact on hundreds of industrial units across the state. CICU has appealed for action from Chief Minister Bhagwant Mann and other state leaders to help businesses regain financial stability.

Key Highlights:

Backlog Impact: Since GST’s implementation in 2017, numerous industrial refund cases remain unresolved, significantly affecting businesses in sectors like bicycle parts and agricultural machinery manufacturing.

Refund Necessity: With high input taxes and comparatively lower output taxes in these sectors, timely refunds are essential to maintain operations.

Financial Health: CICU argues that these refunds represent VAT already paid to the government, stressing the importance of quick return to businesses to support their financial health.

GSTRefunds #VATRefunds #PunjabIndustries #CICU #BusinessSupport