CHANDIGARH: The Finance Department has released amount of Rs 97 corore 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 communiqué 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.

Published On : 04-09-2019

Source : Economic Times