Share of Punjab Municipal Fund in VAT enhanced to 11% from 10%?

0 comments Wednesday, June 27, 2012

While making payment of VAT under Punjab VAT Act, payment of VAT(excluding surcharge) has to be made in two parts i.e 10% of VAT in the account of "Punjab Municipal Fund" and 90% in the account of "Excise and Taxation Officer". 


Whereas surcharge is required to be deposited  in two parts i.e 80% in the account of "Excise and Taxation Officer" and 20% of surcharge in the account of "Punjab Municipal Infrastructure Developmenmt Fund". However a single challan namely VAT-2AE is being used for all the payments in different heads.
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