The Punjab government will soon become the first state to launch online VAT refund system for traders and industrialists,Deputy Chief Minister Sukhbir Singh Badal Monday said.
Speaking to a delegation from Ludhiana that called on him to press for their demand to make electricity duty vatable,Sukhbir said that the functioning of state excise and taxation department would be made more transparent.
Claiming that within six Punjab will be the first state to have a comprehensive interactive portal,which would eliminate submission of paper-based tax returns,he said the department will go paperless and the industrialists will be divided into three categories for payment of tax refund to them. Category-A industrialists will be eligible for an automatic fast track VAT refund. For category-B,the refund will be given in minimum possible time while for category-C,certain checks would be incorporated for giving tax refunds,he said.
Sukhbir also favoured the industrys suggestion of imposing lump-sum tax on certain categories with a promise of certain amount of tax payment to the state exchequer.
Asking the state industry to declare their income,he said that he could consider waiver of 80 per cent of books and records maintained by them.
No inspector raj
Sukhbir said that the new industrial policy would be investment friendly policy and it would be aimed to eliminate Inspector Raj from the state. He said that he wanted to make Ludhiana most developed industrial hub of the country and a plan had been finalised to spend Rs 2,000 crore in upgrading the infrastructure of the city alone.