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Karnataka
FKCCI for expediting refund of excess tax paid under VAT
Our Bureau
Bangalore
,
Sept. 21
The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) has urged the Government to quicken the process for refund of excess tax paid under the value-added tax system.
Stating that refunds paid, if the input tax deductible by a dealer exceeded the output tax, were being delayed causing severe cash flow problem to the trade and industry, the FKCCI President, Mr R.C. Purohit, said that though the Commercial Tax Department paid interest for the period beyond 35 days, trade and industry preferred prompt payment of the dues to interest.
He said the government had also not implemented the system of crediting the refunds directly into the dealers' bank accounts.
In a request to the Commissioner of Commercial Taxes, Mr Purohit also lamented that shortage of` `C' Forms in other States and wanted the Commissioner to take up the issue with his counterparts in other States.
In an another plea before the Karnataka Electricity Regulatory Commission, FKCCI has asked the Bangalore Electric Supply Company (BESCOM) to clearly state the cross subsidy component and the embedded cost study giving details of the cost of service and supply to each category to support its request for tariff revision. BESCOM had also not taken into account the increased power supply from hydel sources at a lower rate while asking for revision.
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