CICU urges action for pending GST, VAT refunds

The Chamber of Industrial and Commercial Undertakings (CICU) has issued a strong demand for immediate action from the CM Bhagwant Mann on clearing the significant backlog of pending Goods and Services Tax (GST) and Value Added Tax (VAT) refunds that are critically impacting numerous industrial units across the state.

Since the implementation of GST in 2017, many businesses have been left in limbo, with unresolved cases still pending. The GST refund mechanism is especially vital for industries such as bicycle parts and agricultural machinery, where the input tax paid far exceeds the output tax collected. This situation clearly indicates that VAT has already been remitted and businesses are urgently in need of their refunds to sustain operations.

As the industry faces a severe liquidity crisis, exacerbated by the ongoing economic recession, the urgency for financial relief cannot be overstated.

Source : https://www.tribuneindia.com/news/ludhiana/cicu-urges-action-for-pending-gst-vat-refunds/