In what could be termed as a reward for the “compliant” dealers and industrialists having good track record, Punjab Government is in the process of coming up with an online automatic fast-track VAT Refund System for them.
What Deputy Chief Minister Sukhbir Badal claimed to be the first-ever move in the country, the “most comprehensive interactive portal” would also eliminate the returns filed through papers.
The Excise and Taxation department, for the purpose, would complete the exercise of categorisation of VAT dealers in A, B and C category by June 2013.
“A-category dealers would be compliant dealers with top class track record and would be eligible for automatic fast track refund of VAT, while in B-category, the VAT refund would be refunded in minimum possible time, and for C-category, certain checks would be incorporated for making refunds,” said Sukhbir. He maintained that if industry and trade cooperates declare their income willfully, he could contemplate the waiver of 80 per cent of records and books being maintained by them. Sukhbir also declared that the entire Excise and Taxation department would be “paperless” within next six months.
Speaking to a delegation of industrialists from ludhiana, he maintained that the new industrial policy would be the most investment friendly policy that is aimed to eliminate ‘Inspector Raaj’ from the State.
The delegation called on Deputy Chief Minister to press for their demand to make electricity duty to industrial sector VAT-able. “My single-point agenda for Excise and Taxation Department is to make the system transparent and client-friendly so that interaction between trader and excise and Taxation Department could be eliminated,” said Sukhbir.
Sukhbir said that he was favourably considering the suggestion of a section of industry to impose lump-sum tax on certain categories of Industry with that Industrial sector promising a set amount of tax every year in the kitty of the Government.