The Haryana cabinet approved the amendment in Rule 42 of the Haryana Value Added Tax Rules, 2003, to facilitate speedy disposal of refund files and enhance ease of doing business in the state.
As per amendments to the Haryana Value Added Tax Rules, 2003, now refunds up to Rs 50 lakh arising in a single order, will not be required to be taken up at the headquarters level as would be allowed at the district or the range levels. Also, a committee comprising three senior most Additional Excise and Taxation Commissioners posted at the headquarters will be constituted to allow refund arising from a single order of the amount above Rs 50 lakh.
The Cabinet further approved the rules for implementation of the Haryana Protection of Interest of Depositors (in Financial Establishment) Act, 2013 to protect the depositors from being duped by different ponzi schemes.
The rule aims at facilitating the implementation of the Act under which it will be ensured that the depositors are not duped by different ponzi schemes through fraudulent practices and measures, an official statement said here today.
Penal provisions have been incorporated under the Act in order to punish promoters of financial establishment defaulting in repayment of deposits and interest thereof.
Great stress has been laid by the Reserve Bank of India on framing of rules under the Act to ensure that the provisions of the Act are given effect through proper administrative machinery, the release said.
