New Delhi, Dec 8 (KNN) After approving one time settlement scheme to revive sick industrial units in Punjab, the state government has decided to refund value added tax (VAT) by March 2019.

Minister for Industries Sunder Sham Arora said the state government would refund value added tax (VAT) by March 2019.

Earlier, specific dates were given twice by Arora to the industrialists, whose VAT refunds amounting to several crores were still pending.

The Minister for Industries who was in the city to inaugurate the 5th MACHMA Expo-2018 along with other dignitaries said the one-time settlement policy of the government would revive sick industrial units as most of their interest amount would be waived-off.

He said in Mandi Gobindgarh over 200 sick units have been revived and new units were also coming up. 

As many as 24 new clusters will be made out of which seven will be in Ludhiana, he added. 

Besides, maximum fund would be given by the state government for making the cluster and a small amount to the tune of Rs 1.5 crore each would be borne by the industry, said Arora.