Bizmen urge govt to bail out cycle industry

Tribune News Service

Ludhiana, February 18

The United Cycle and Parts Manufacturers Association held a meeting on the Value-Added Tax (VAT) refund and impact of the Goods and Services Tax (GST) on cycle industry.

Inderjit Singh Navyug, president, UCPMA, said the cycle industries has been suffering and in recession due to demonetisation and the GST effect. During recession it is the duty of the government to support cycle industry to ensure that they can generate revenue for the Punjab Government.

Pardeep Wadhawan, senior vice-president, said the government has been harassing industrialists and there has been no support from the former.

He said there are numerous problems in the GST system and VAT refund is also pending. Industrialists are not having capital to flourish and the government is not clearing refunds, said Wadhawan.