The Finance Department has released an amount of Rs 97 crore to Industry Department, Punjab on account of GST and VAT refunds. Request in this regard was made by Sunder Sham Arora, Industry Minister to Manpreet Singh Badal, Finance Minister in the recent past.
Disclosing this Sunder Sham Arora, Industry Minister in a press communique said that the Industrial Sector is the engine that drives the economy by bringing in investments, generating employment and creating goods and services.
In the present scenario of economic slowdown, this sector is faced with the major issue of financial/liquidity crunch in the market. He expressed gratitude towards Manpreet Singh Badal for sanctioning GST and VAT Refund amounting to INR 97 Crores. He said that out of these refunds Rs. 70 crore is sanctioned for GST and Rs.27 crore for VAT refunds. He said that the refunds had been released for the period till August 31, 2019.
The Minister said that it has been Punjab Government’s continuous endeavour to make state of Punjab the most preferred destination for setting up of Industry. In this spirit, Punjab Government has been making rapid strides to aid the industrial sector with reforms like offering lucrative incentives, effectively implementing Business First Portal and pioneering step like District Single Window Clearance System.