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The
state government is witnessing a deficit of Rs 700-800
crore in its annual plan which can be increased by new
taxes or by increasing the existing ones to meet the
deficit.
When
asked about plans to introduce new taxes, Finance Minister
Manapreet Singh Badal said there are proposals that would
be put forward in the forthcoming cabinet meeting, but he
was not ready to comment.
However,
government sources indicated that cess on diesel would be
imposed. Also, VAT rates on pesticides and fertilisers may
be increased.
Commenting
upon VAT collection, he said, “In last financial year,
the VAT collection was Rs 5,300 crore. This year we are
expecting around 25 per cent annual growth in VAT
collection from the existing 10.8 per cent”.
Manapreet
said with the increasing economic activity, especially
after the announcement of Bhatinda Refinery and setting up
of three thermal plants in the state, he hoped the stamp
duty collection in the state to rise to Rs 2,300 crores
from the existing Rs 1,700 crores.
He
said with the announcement of refinery, many real estate
developers showing interest in setting up residential
colonies in the vicinity of refinery.
He
said the tax collection system was being streamlined and
the government was taking every measure to increase
penetration and compliance of tax system in the trade and
industry.
He
said in an effort to make the tax collection system more
effective the finance department has allowed the
recruitment of more tax inspectors in the state so that
they could compile the database by 'street by street
audit' of various industry establishments.
He
also added that the state government has taken various
measures to make VAT system in Punjab people friendly by
introducing e-filing of VAT returns, minimising harassment
at Information Collection Centres and allowing references
to the Assessing Authority in case of default in the
field.
Source :
www.business-standard.com,
dated 15/08/2007 |
