In a public notice issued today on the website of the Department it now has been clarified that reduced rate of tax on iron and steel goods at the rate of 2.5% will now be applicable w.e.f 01.02.2014.
Earlier in the notification issued as available on the official website of Punjab Government it was stated that reduced rate of tax on iron and steel would be applicable with immidiate effect, meaning thereby it was applicable from the date of the notification i.e. 25.01.2014.
But now it has been stated in the public notice that it will be applicable w.e.f. 01.02.2014. The public notice issued has itsef been amended.
In another public notice it has also been stated that dealers would have to declare their stock of iron and steel goods as on 31.01.2014.
The new public notice is produced herebelow:
GOVT. OF PUNJAB
PUBLIC NOTICE
KIND ATTENTION TO:- TAXABLE PERSONS,
ADVOCATES, CHARTERED ACCOUNTANTS AND COST ACCOUNTANT.
1.
The State government has reduced the rate of
tax from 4.50 percent to 2.5 percent on all Iron & Steel goods except non
cenvat paid scarp.
2.
Rate
of tax on non cenvat paid scrap is reduced to 1%.
3.
Input
tax credit will now be restricted to two stages only.
4.
ITC on stock held as on 31-1-2014, will be
restricted to the new rate of tax i.e 2.5% or 1 % as the case may be.
5.
Advance tax will be applicable to all Iron
& Steel goods as enumerated in clause iv of section 14 of Central Sales Tax
Act. 1956 @2.5% except non cenvat paid scrap which is taxable @1%.
6.
This
new tax regime will come into effect from 1st February 2014.
For further information and clarification
kindly visit website of the department i.e www.pextax.com.
D.P.REDDY,
Financial Commissioner
Taxation and
Secretary to Government of
Punjab,
Department of Excise &
Taxation.
EXCISE & TAXATION DEPARTMENT,
GOVERNMENT OF PUNJAB
REVISED PUBLIC NOTICE / CLARIFICATION
KIND
ATTENTION :- TAXABLE PERSONS, ADVOCATES, CHARTERED ACCOUNTANTS AND COST
ACCOUNTANTS.
In
response to the public notice published in newspapers on 1st,
February, 2014 certain queries have been raised by some advocates and dealers.
In response thereto, this notice with clarifications is being issued.
7.
The State Government has reduced the rate of
tax on iron and steel goods as follows: -
|
Sr. No.
|
Name of the commodity
|
|
Rate of tax
|
|
Rate
|
of
|
|
|
|
|
|
Previous
|
New rate
|
advance tax.
|
||
|
|
|
|
rate
|
|
|
|
|
|
1.
|
All Iron
and Steel goods
as
|
|
4.5%
+ 10%
|
2.5% + 10%
|
2.5%
|
|
|
|
|
enumerated in clause iv of Section
14
|
|
surcharge
|
surcharge
|
|
|
|
|
|
of
Central Sales Tax
Act, 1956
|
|
|
|
|
|
|
|
|
(Except non-CENVAT paid scrap).
|
|
|
|
|
|
|
|
2.
|
Non-CENVAT paid
scrap
|
|
4.5%
+ 10%
|
1% +
10%
|
1%
|
|
|
|
|
|
|
surcharge
|
surcharge
|
|
|
|
2.
ITC will now be restricted to two stages only
and the information regarding stage of dealer is to be provided on the invoice
itself, as per the format given below: -
|
|
First
|
First
|
Stage
|
Second
|
stage
|
|
|
importer/Manufacturer
|
taxable person
|
taxable person
|
||
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(1)
|
|
(2)
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(3)
|
|
|
Name of the
|
|
|
|
|
|
|
taxable
person
|
|
|
|
|
|
|
TIN
|
|
|
|
|
|
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Commodity
|
|
|
|
|
|
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Weight in MT
|
|
|
|
|
|
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Invoice No.
|
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|
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Tax liability
|
|
|
|
|
|
(To
be printed on the backside of the invoice)
3.
ITC on stock held as on 31-01-2014 will be restricted to the new rate
of tax plus surcharge i.e. 2.75 percent or 1.1 percent as the case may be.
4.
Dealers
are required to declare their stock as on 31-01-2014. For this purpose,
the dealers should go to
official website of the department i.e. www.pextax.com login into “e-services” then
click on link “e-return” and select the link “Stock
(Iron and Steel) as on 31-01-2014” to fill the information
in the prescribed proforma available there.
5.
This new
tax regime will come into effect from 01, February, 2014.
D.P. REDDY
FINANCIAL COMMISSIONER (TAXATION) AND
SECRETARY TO GOVERNMENT OF PUNJAB,
DEPARTMENT OF EXCISE AND TAXATION.
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