The Punjab Cabinet today gave approval to enhance the rate of VAT on rice from 4 to 5 per cent while it slashed the VAT on Sevian (Vercelli) from 12.5 per cent to 5 per cent.
Stating this here today, an official spokesman said the Cabinet also approved to convert the Punjab Value Added Tax (Fourth Amendment) Ordinance, 2011 and Punjab Value Added Tax (Third Amendment) Ordinance, 2011 into Acts in the coming session of the Punjab Vidhan Sabha. The (Third amendment) ordinance deals with provisions introduced relating to advance payment of VAT.
The Cabinet also decided to amend section 27(1) and (2) of Punjab VAT Act, 2005, to enhance the rate of tax on work contract from 4 four cent to 5 per cent through an Ordinance.
It also approved to exempt the Special Economic Zone (SEZ) units from different taxes levied by the state government to bring them under zero rated category through amending section 17 of the Punjab Value Added Tax Act, 2005.
Notifications on change in rate of Rice and Sevian are being produced herebelow:
(Kindly note the notifications as available publicaly are undated)
Stating this here today, an official spokesman said the Cabinet also approved to convert the Punjab Value Added Tax (Fourth Amendment) Ordinance, 2011 and Punjab Value Added Tax (Third Amendment) Ordinance, 2011 into Acts in the coming session of the Punjab Vidhan Sabha. The (Third amendment) ordinance deals with provisions introduced relating to advance payment of VAT.
The Cabinet also decided to amend section 27(1) and (2) of Punjab VAT Act, 2005, to enhance the rate of tax on work contract from 4 four cent to 5 per cent through an Ordinance.
It also approved to exempt the Special Economic Zone (SEZ) units from different taxes levied by the state government to bring them under zero rated category through amending section 17 of the Punjab Value Added Tax Act, 2005.
Notifications on change in rate of Rice and Sevian are being produced herebelow:
(Kindly note the notifications as available publicaly are undated)
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
(EXCISE AND TAXATION II BRANCH)
Notification
The ______September,2011
No. S.O. /P.A.8/2005/S.8/2010- Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in Public interest;
Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005) and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule ‘B’, appended to the said Act, with immediate effect, by dispensing with the condition of previous notice namely:-
AMENDMENT
In the said Schedule, after serial No. 163 and the entries relating thereto, the following serial No. shall be added, namely:-
“164. Rice”
KARAN BIR SINGH SIDHU,
Financial Commissioner, Taxation and
Secretary to Government of Punjab,
Department of Excise and Taxation
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
(EXCISE AND TAXATION II BRANCH)
Notification
The ______September,2011
No. S.O. /P.A.8/2005/S.8/2011.- Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in Public interest;
Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005) and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule ‘B’, appended to the said Act by dispensing with the condition of previous notice, namely:-
AMENDMENT
In the said Schedule, after serial No. 164 and the entries relating thereto, the following serial No. and entries shall be added, namely:-
“165. Sevian (Vermicelli)”
KARAN BIR SINGH SIDHU,
Financial Commissioner, Taxation and
Secretary to Government of Punjab,
Department of Excise and Taxation
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