|
The
cabinet also approved to grant VAT exemption on raw
materials and consumables produced by or sold to Durgiana
Committee, Amritsar. The council of ministers also gave
nod to the state government to sign a memorandum of
understanding with the Government of India and Nabard and
effect possible amendments to the provisions of the Punjab
Cooperative Societies Act, 1961, to become eligible for
the relief package. This move was aimed at reviving the
short-term credit structure.
The
cabinet also gave green signal to revise the rate of tax
on weekly lotteries from Rs 50,000 to Rs 75,000 per draw
in order to raise additional resources for the development
of the state.
It
was also decided to raise tax on two-digit weekly lottery
from Rs 25,000 to Rs 50,000 per draw. The existing rate of
tax of Rs 25,000 per draw was very low as compared to
other states like Karnataka, Kerala and Maharashtra. The
revision of rates would fetch an additional revenue of Rs
86.8 crore.
In
pursuance of the representations from trade and industry
across the state, the Cabinet decided to grant ex post
facto approval to reduce the rate of VAT on furnace oil
from 12.5 per cent to 4 per cent.
In
another significant decision, the council approved to
amend the Punjab Value Added Tax Act, 2005, regarding
deemed assessment to enable the registered dealers to
deposit a sum by way of composition money at the rate of
Rs 300 per lakh of the gross turnover with a minimum of Rs
1,000 subject to fulfillment of eligibility criterion. The
Cabinet also granted approval to amend sub-section 5 of
section 19 of the Punjab Value Added Tax, 2005, related to
input tax credit on schedule 'H' goods. It also decided to
grant ex post facto approval for allowing subsidy to all
categories of consumers for neutralising the impact due to
increase in electricity tariff for 2007-08.
The
cabinet also approved to amend section 10 and other
relevant sections of the Punjab Panchayati Raj Act, 1994,
for indirect election to the office of sarpanches of gram
panchayats. The council of ministers allowed transferring
of State Institute of Nursing and Paramedical Sciences (SINPS)
in Badal village in Muktsar to Baba Farid University of
Health Sciences, Faridkot.
Source
: Chandigarh Newsline -
Chandigarh, India, dated 30/01/2008
|
