Punjab Government has notified goods u/s 6(7) of the Punjab VAT Act, 2005 on which Advance VAT will be recovered. Section 6(8) of the Punjab VAT Act, 2005 earlier considered Entry Tax as deemed advance VAT.
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Now after the exemption from the Entry Tax to all the taxable persons, Punjab Government has notified goods seperately u/s 6(7) on which Advance VAT is leviable. These goods are almost those goods on which entry tax was already leviable.Four new items on which there was no entry tax leviable but Advance VAT has been levied are as follows:
Wheat
Rice
Paddy
Copper in all its shapes and forms including copper scrap.
An interesting thing which is notable from the notrification is that it prescribes below the schedule certain conditions for the levy of and exemption from advance VAT. But under which section or rule these conditions have been prescribed, has not been mentioned anywhere in the notification.
An interesting thing which is notable from the notrification is that it prescribes below the schedule certain conditions for the levy of and exemption from advance VAT. But under which section or rule these conditions have been prescribed, has not been mentioned anywhere in the notification.
The notification relating to Advance VAT is produced herebelow:
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