Punjab Excise & Taxation Department vide its public notice dated 10th December, 2014 has extended the due date for filing Annual Vat return in VAT-20 form for Financial Year 2013-2014 to 15th December, 2014. The said public notice is enclosed below.
In a notification issued on October 1, Punjab Excise and Taxation department has increased VAT rate on diesel (other than premium diesel), cold drinks (including aerated drinks, soda) and Cigarette and Cigar by 1 per cent, 5 per cent and 9.5 per cent respectively. The copy of the notification is attached below.
The last date of e-filling of quarterly returns in VAT-15 for quarter ending 31.03.2014 is extended upto 31st May, 2014. But there is no change in last date for payment of VAT. Copy of Public Notice dated 22.04.2014 is attached herewith for your reference.
Punjab Government has levied advance tax on five new items in addition to the previous list of thirty items w.e.f. 7th March, 2014. The list of the items added are mentioned below:
31. Plastic Fabric and Bags 5.5%
32. Paper Board 5.5%
33. Brass 5.5%
34. Nickel 5.5%
35. Timber 5.5%
Reference to Notification No. S.O.17/P.A8/2014 dated 21st February, 2014
In light of the above notification we are receiving queries from various dealers and lawyers. In response to this, following clarifications are being issued:
Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
Excise & Taxation Department of Punjab government has issued the Notification regarding its Rahat scheme for small traders and has also issued the list of Class-I, Class-II and Class-III towns under the scheme. Below are both the notifications.
Govt introduces one-time tax for those with turnover up to Rs 1 cr
Excise and taxation inspectors (ETIs) would not be allowed to check commercial premises of traders in at least 71 towns of Punjab after February 13 as the state excise and taxation department is launching a new scheme under which traders would have an option to pay value added tax (VAT) once a year in proportion to their annual income. In lieu of this tax amount, the government would provide traders cashless treatment up to Rs 50,000, life and accidental insurance worth Rs 2 lakh and Rs 5 lakh insurance in case of damage to property due to fire.
tax 'N' accounts people
Tarun Kumar Gupta
Life style Post