FICO delegation meets Sukhbir Sing Badal, discusses problems of industry
Author(s): City Air NewsA delegation of the Federation of Industrial & Commercial Organisations (FICO) meets the Punjab Deputy Chief Minister Sukhbir Singh Badal. Ludhiana, February 19, 2014: The Federation of Industrial & Commercial Organisations...
cityairnews
Feb 19, 2014 12:30
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A delegation of the Federation of Industrial & Commercial Organisations (FICO) meets the Punjab Deputy Chief Minister Sukhbir Singh Badal.
Ludhiana, February 19, 2014: The Federation of Industrial & Commercial Organisations (FICO) chairman K.K Seth & president, Gurmeet Singh Kular met the Punjab Deputy Chief Minister Sukhbir Singh Badal regarding problems being faced by the industry.
Delegation discussed that as far as cycle industry is concerned , purchases made against 4.95 % & 6.05% of vat payment within Punjab whereas on sales only 2.2% is collec ted from buyer , hence approx. 4 % of VAT is blocked with the department. Delegation requested to reduce the VAT rate on cycle and cycle parts to 2%. It was also demanded that the government should reduce the VAT on cycle industries to save the mother industries of Punjab because this industry is very low value addition.
It was stated that files for VAT refund with Ludhiana-1 District of ST Department are pending for the long time. As a result of which huge funds of industry are stuck and industry has no option except to pay interest to banks for this amounts.
It was also pointed out that industry is facing big problem of collecting ‘C’ forms from their respective buyers. The Deputy Chief Minister was asked to extend the date of deposit of ‘C’ forms till 2015. It was also demanded that the issuance of ‘c’ forms be done online.
It was stated that CETP of Ludhiana is overloaded, therefore, one more CETP should be started & completed immediately.
Regarding Investment Incentive, it was stated that in the new industrial policy there is no tax benefit to the Micro, Small & Medium Industries.
Regarding New Focal Point, it was pointed out that after 1992 Punjab Government neither developed any focal point nor expansion of any focal point has been done. It was urged that new focal point be set up for to expansion of the industries.
The delegation opposed verification of 4th stage on the plea that there is no provision in the law.
It was also demanded that the government should allow Input Tax Credit on diesel & furnace oil for captive consumption for the industries.
The issue of infrastructure was also taken up. It was demanded that the government should upgrade the infrastructure such as roads, street lights and sewage system. Members of the associations should be appointed to monitor the ongoing works for proper quality check, demanded the delegation.
Regarding Peak Load Charges, it was demanded that Peak Load Charges should be abolished as there is surplus power in Punjab.
The delegation was comprised of Manjinder Singh Sachdeva, Rajeev Jain, Jagatvir Singh Jaswal, Balbir Singh Mankoo, Bachitter Singh and Jagmail Singh Mankoo.//ludhiana news online, ludhiana news in English, ludhiana news, ludhiana current news, ludhiana news live, Ludhiana breaking news, Ludhiana headlines, Ludhiana latest news, punjab news, india news, punjab news live, punjab news online, punjab news, punjab news headlines, punjab breaking news, india news, punjab news,
