- VENU PRASAD, IAS,
A public notice has been issued by Excise and Taxation Department, Punjab stating that rate of VAT TDS on payments made to works contractors u/s 27(1) of PVAT Act, 2005, has been enhanced to 5%. Earlier such rate was 4%. However no notification to this effect is publically available as yet on the official website of Department. The public notice also doesnot state from which date the said amendment is effective, it just states at the end that it is effective immidiately. The said Public Notice has been published on 09/11/2011 in a daily newspaper.
The full Public notice is being produced herebelow:
EXCISE AND TAXATION DEPARTMENT
GOVT. OF PUNJAB
Attention: VAT Dealers/Taxable persons/Lawyers/Chartered Accountants/Cost
Accountants/All Govt. Agencies.
The Govt. of Punjab has recently amended Section 27(1) of the Punjab Value Added Tax, 2005, dealing with Works Contract. Every contractee(executing agency), who is responsible for making payment to any person (contractor) shall deduct an amount equal to 5% of such sum payable on account of such work contract executed. This sum shall be deducted as T.D.S (@ 5%) by the contractee at the time of making payment to the contractor, either in cash or in any other manner for contracts exceeding Rs 5 Lakhs for single work/job assigned. This shall be applicable with immediate effect.
EXCISE & TAXATION COMMISSIONER,PUNJAB
Posted by AMIT BAJAJ at 2:52 PM
Welcome clarification by CBDT on TCS on Cash Sale. CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholde...
Nobody is permitted to copy or publish the articles existing on this blog on any website or on any other media without my express permission.
No one is responsible for any claims if somebody finds that the information/opinions provided in this blog is incorrect and the blog is meant only to share knowledge and exchange views in a meaningful manner.
Powered by Blogger.