Declared Goods except wheat and paddy will be taxable @ 4.4% under PVAT Act w.e.f 08/04/2011

0 comments Monday, April 18, 2011
Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4% to 5% by including these goods in schedule B of PVAT Act 2005.

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Download Sehaj and Sugam forms and Acknowledgment for A.Y 2011-12

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The most awaited Sehaj and Sugam Forms and Acknowledgment for A.Y 2011-12 are available for download now. These forms can be downloaded here at below links:



Acknowledgment
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Wheat and Paddy made taxable @ 5% under Punjab VAT Act 2005

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Wheat and Paddy which are declared goods  under CST Act 1956, have been added to schedule B of Punjab VAT Act  2005. The goods contained in schedule B of PVAT act 2005 are taxable @ 5%. An additional surcharge @ 10% is also applicable. But such surcharge will not be applicable on wheat and paddy since these goods are declared goods as per section 14 of CST Act 1956.

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