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Punjab simplifies procedure for VAT refunds

This decision would benefit the industry in a big way

Ludhiana: The Punjab Government has simplified the procedure for getting refunds on Value Added Tax, a move that comes as a big relief to the industry.

"We have done away with the condition of submitting Form C or Form H which was causing delay in release of VAT refunds. The notification has been issued in this regard,'' Punjab Chief Minister Amarinder Singh told reporters after the 57th Republic Day celebrations here on Thursday. This decision would benefit the industry in a big way as the State Government was delaying the release of VAT refunds, an industrialist said. Amarinder Singh also hoped that by the end of this year, the State would attract investments in for mega projects to the tune of Rs one lakh crore.

"We have approved mega projects amounting to Rs 43,000 crores in just 16 months and we expect this amount would touch Rs one lakh crore by the end of this year," he said.

On power sector, he said the State Government had made a proposal to Abu Dhabi government for jointly setting up hydel projects of 2500 MW capacity in Punjab. -- PTI

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