Now a star rating system for tax paying units in Punjab
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Deputy Chief Minister Sukhbir Singh Badal recently announced that the Excise and Taxation department will be introducing a star rating system for industrial units based on their track record of tax payment. Sukhbir explained the system to industries in the second edition of ‘Destination Punjab’ organised by the Confederation of Indian Industries (CII) on Thursday.
“Star rating of A, B and C will be done and preferential treatment in VAT refunds and other issues will be done for A star companies as compared to the ones with B and C rating,” Sukhbir said.
The department has come up with a 100 point performance rating and an A star rating will require a score of 80 or above. The star rating will determine tax compliance of the company and its reputation. A units verification process will also be shortened based upon this rating.
It was also announced that meter checking of large-scale and medium-scale units will no longer be done by PSPCL.
New promotion policy in January
The deputy CM also informed that an industrial promotion policy will be announced in January with an aim to invite investments of Rs 1 lakh crore in the coming four years. Following the industrial cluster approach, Sukhbir said that Punjab was setting up industry specific clusters and had already identified land for acquisition to create land bank on the pattern of Gujarat.
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