Punjab releases Rs 270 cr to clear pending VAT, GST refunds

The Punjab government has released Rs 270 crore for clearing the pending GST and VAT refunds of traders and industrialists.

Of the total amount of Rs 270 crore, Rs 214 crore has been released on account of VAT refund to nearly 2,500 beneficiaries and Rs 56 crore to about 1,600 beneficiaries as GST refund, an official statement said here on Friday.

Chief Minister Amarinder Singh had directed the department to clear all pending refund arrears on account of GST/VAT refunds to traders and industrialists across the state.

He also directed the Excise and Taxation Department to work in sync with the Finance Department to ensure timely payment of GST refunds in the future, in order to further boost the momentum of economic activity in the state.

Expressing satisfaction over the improved fiscal position, the chief minister has asked all the departments to intensify their efforts to promote fiscal prudence and improve economic management to augment the pace of overall growth and development, the statement said.