Punjab announces settlement of sales tax arrears
CHANDIGARH: The Punjab government on Tuesday announced a scheme of one-time settlement on a token charge of Rs 300 per lakh for clearance of sales tax arrears under deemed assessment for trade and industry for the pre-VAT period. The government also decided to consider the adoption of the Haryana model for VAT regime in the state. It also contemplates to slash VAT from 12% to 4% after the recommendations of the newly-constituted committee on certain commodities (to be proposed by the industry associations) for three months on experimental basis with an assurance of increased revenue. The committee of officers, which has the Financial Commissioner (Taxation) and the Principal Secretary, Industries & Commerce, as members and the Chief Secretary as chairman, would look into various demands of the industry. A long-drawn demand of the industry to prevent PSEB officials from checking power load inside industries, which have electronic meters installed outside, was accepted by the state government. The PSEB has been directed to reduce high voltage surcharge by 50%.