Ludhiana, Sept 13 (KNN) A joint delegation of multiple Ludhiana based industry bodies in a meeting with the Taxation Commissioner Arshdeep Singh Thind appealed for the launch a One Time Settlement Scheme at one per cent charges if C forms & H forms are not available from the dealers from other states.

A joint delegation of the Federation of Industrial and Commercial Organisation (FICO) and United Cycle and Parts Manufacturers Association pointed out that this will allow industrialists to submit their cases at nominal charges.

They argued that this would not only be beneficial for the industry, but would also generate some extra revenue for the government. They said the industry was not in a position to pay any interest or penalty

Another major bottleneck highlighted by the industry during the meeting was the restriction on refunds on account of capital goods. As per the provisions of Rule 89 (5) the ITC, capital goods have been excluded from the calculation of the refundable amount.

“It implies that the GST paid on procurement and installation of the plant and machinery remains unutilised, blocking the working capital of the industry,” FICO president Gurmeet Singh Kular told the officers.

The meeting was also attended by HPS Ghotra, Director, GST, Punjab and Ravneet Singh Khurana, Additional Commissioner, Taxation and Audit.  (KNN Bureau)