Industry & Economy
-
Taxation
Survey finds VAT refunds at slow pace
Our Bureau
New Delhi
,
Feb. 20
THE Department of Revenue has so far refunded value-added tax claims only for April and May of last year, respondents from 100 per cent export-oriented units said in a survey carried out by the Federation of Indian Chambers of Commerce and Industry.
The respondents pointed out that the departments in various State Governments are not fully geared in terms of administrative machinery for granting refunds.
Some respondents pointed out that the State Governments had earlier promised to give refunds on monthly basis to the exporters, but this has not happened so far.
The nationwide survey on VAT covered sectors such as electronic hardware, information technology, food processing, foreign trade, mining, tyres and pharmaceuticals among others.
In Haryana, where VAT was implemented in 2003-04, all assessments by and large are pending from that year, said the respondents.
Those surveyed also pointed out that Form C, which is required to be submitted to claim VAT refund, is in short supply across the country.
The survey findings have been submitted to the Empowered Committee on VAT, the Finance Secretary and the Finance Ministry for consideration.
More Stories on :
Taxation |
Industry Associations
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
