Rs 33 cr VAT refund too small, say Punjab firms

The Punjab government may give out just Rs 33 crore as VAT refund, against the industry demand of Rs 400 crore, which has peeved the latter.

Talking to Business Standard, Finance Minister Surinder Singla said, "We are ready to pay Rs 33 crore within 15 days, with interest. This includes the refund from April to October."

The cycle industry is angry with this. United Cycle & Parts Manufacturers Association General Secretary Varinder Kapoor said, "Our refund itself works out to about Rs 80 crore. One can understand what the total will be. The minister's claim is wrong. And, the sales and taxation department did not give us the C-1and H-1 forms."

H-forms are meant for claiming refund from the taxation department.