Reduced rate of tax now made applicable from 01.02.2014- stock as on 31.01.2014 to be declared

0 comments Saturday, February 1, 2014
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. 
 
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VAT on Cigarettes and Cigars in Punjab reduced to 20.5%

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PUNJAB GOVT. GAZ. (EXTRA), JANUARY 29, 2014    195


(MAGHA 9, 1935 SAKA)
  
GOVERNMENT OF PUNJAB
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VAT on milk and wheat reduced in certain cases under Punjab VAT

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Punjab Government has reduced VAT on milk when purchased for manufacturing taxable goods and on wheat when purchased for processing, from 6.05% to 3.3% (after adding surcharge of 10%). Wheat not to be used for processing purpose will continue to attract VAT @ 6.05%. Relevant notification is produced herebelow:
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