VAT rate changed under PVAT Act from 4% to 5%

The VAT rate on goods as mentioned in schedule B has been changed from 4% to 5% with effect from 29-01-2010. As per a Notification  issued by the EXCISE AND TAXATION DEPARTMENT, PUNJAB No

GOVERNMENT OF PUNJAB

DEPARTMENT OF EXCISE AND TAXATION

(EXCISE AND TAXATION II BRANCH)

Notification

The 29^th January, 2010

No. S.O.   /P.A.8/2005/S.8/2010.- Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in public interest;

Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendments in Schedule 'B', appended to the said Act with immediate effect by dispensing with the condition of previous notice, namely:-

AMENDMENT

In the said Schedule,-

(i)                 for the existing heading captioned as “LIST OF GOODS TAXABLE @ 4 PERCENT”, the following shall be substituted, namely:-

“LIST OF GOODS TAXABLE @ 5 PERCENT”,

(ii)               for serial No. 27 and entries relating thereto, the following shall be substituted, namely :-

“27.     Cotton waste” ;

(iii)             serial No. 30 and entries relating thereto shall be omitted ;

(iv)              serial No. 79 and entries relating thereto shall be omitted ;

(v)                serial No. 80 and entries relating thereto shall be omitted ;

(vi)              for serial No. 82 and entries relating thereto, the following shall be substituted, namely :-

“82.     Pipes and pipe fittings of ductile pipes and Poly Venyl Chloride”; and

(vii)            for serial No. 134 and entries relating thereto, the following shall be substituted, namely :-

“134.   Yarn of all types, including yarn waste and sewing thread except cotton yarn”.

SHIVINDER SINGH BRAR,

                                                                        Financial Commissioner Taxation and

                                                                        Secretary to Government of Punjab,

                                                                        Department of Excise and Taxation.