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HYDERABAD: Commercial Taxes Department of Andhra Pradesh has set up a Refund Directorate to speed up the refund mechanism, a key component of the value-added tax system.

"The whole system hinges on an effective refund mechanism. Keeping this in mind, we have set up the cell in the department," Mr Konathala Ramakrishna, Minister for Commercial Taxes, said.

Addressing a press conference here on Friday, he said a three-member panel, which included a CAG official, had been set up to monitor the refund mechanism. Some plastic players and export houses have got the first refunds. "A sum of Rs 31 lakh has been refunded through their bank accounts," said Mr Ramakrishna.

While the plastic industry will get the refunds in 30 days, exporters will get them in 45 days, as amounts locked in were too high.

Referring to the incidence of suppression of turnover in sectors such as edible oils and automobiles, the enforcement wing had started an initiative to nail the offenders.

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