Sales to sez unit exempted as zero rated sale and rate of tax deduction on works contractors enhanced to 5% in Punjab

0 comments Friday, December 2, 2011
Section 17 of PVAT Act, 2005 which defines export sales within the scope of section 5 of CST Act i.e export sales as zero rated sales, has been amended so as to add sub-section 2 of section 17 which provides that sale to a unit or developer in special economic zone and inter-unit transaction of goods within SEZ as also a zero rated sales. No output tax is payable on such zero rated sales.
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No reversal of ITC on sale lower than purchase price in pursuance of administered prices of oil companies-Rule 21 of PVAT Rules amended

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Rule 21 of Punjab VAT Rules 2005 has been amended so as to provide a new proviso to Rule 21(2-A) which provides that input tax credit will not be reversed by the taxable person where the sale is effected at lower price than the purchase price in pursuance of the administered prices of oil companies, that is to say Indian Oil Corporation, BPCL, HPCL and HPCL Mittal Energy limited.
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