Cashless, bizmen left in the lurch

Shivani Bhakoo

Tribune News Service

Ludhiana, June 24

It seems to be an endless wait for industrialists and traders to get their VAT refunds which have been pending for a long time.

Recently, a meeting was held with the Minister of Industries at Hoshiarpur where local industrialists raised the issue and told the minister that it was becoming very difficult to run business as their VAT refunds were not being released by the state government.

Gurmit Singh Kular, president of FICO, said it was claimed by the ministers and officials of the Excise and Taxation Department that the procedure of releasing VAT refunds would continue. “But after April, no money has been released by the government. And now, we are told that funds will be released by the end of this month. People are suffering as their cash is blocked with the government,” said Kular.

One of the top officials of the Excise and Taxation Department here said: “Funds are to be released by the government. We are hopeful that by the end of June, some funds will be released.” said the official.

Many industrialists have already used their bank limits on high rates of interest. “It has been about a year now. Our lakhs of rupees is blocked with the government and we are using bank limits on higher rates of interest to run the trade,” said an industrialist.