Chandigarh. the upcoming Assembly elections In view of this, the Channi government of Punjab has opened its box to give gifts to all sections. In this episode, giving a big relief to the trade and industry in the state, the Central Sales Tax / Value Added Tax (VAT) (Value Added Tax) related to the financial years 2014-15, 2015-16 and 2016-17 on behalf of the state government. Out of more than 48,000 cases under Added Tax (VAT), about 40,000 cases have been cancelled.
Punjab Chief Minister Charanjit Singh Channi had announced this decision at the Progressive Punjab Investors’ Conference in Ludhiana. According to the Tax (Taxation) Department, the assessment of about 8,500 cases outstanding for the financial year 2014-15 has been completed and traders have been asked to deposit only 30 per cent of the tax liability. The department has started the process of disposal of these cases.
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Giving further relief to the traders, the tax department has asked them to deposit only 20 percent of the above tax liability during the current financial year and the remaining 80 percent will have to be deposited by the next financial year. Spokesperson of the State Government has said that the Punjab Government is fully committed to create a conducive environment for the ease of doing business in the State. The full cooperation of the government to trade and industry will help Punjab to emerge as a leading state in the country.
He said that this pro-industry initiative would encourage the industrialists to invest in the state in a big way and boost their morale. The spokesman further said that the tax department has also started the process of non-appearance assessment of GST and VAT, under which now traders and industrialists do not have to appear before the tax officers themselves.
Tags: Punjab, Punjab CM Charanjit Singh Channi
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