The proposal to increase VAT rate from 4 to 5 percent of two member (SAD-BJP) committee formed by Punjab Government has concluded today. As another proposal of 10 percent will not applicable right now. The most recent public notice by Excise and Taxation Department of Punjab has increased the VAT rate by 1% on scheduled B items given under Punjab VAT Act 2005. Every item which is under scheduled B will be taxed at 5%. It has increased from 4 percent to 5 percent. Excise and Taxation Department has issued a notice regarding increment of VAT rate. Download the notice of increment of Punjab VAT rate percentage.
Today I had got so many calls from my clients to inquire about this. I am acknowledging all the queries here to discuss with you. So please read the following points to clear all the points.
When will the rates will be applicable?
The new rates will be applicable w.e.f. 29-1-2010.
On Which items the incremental rates will be applicable?
The changed rates will be applicable only on scheduled B items.
Which items included in scheduled B?
Download the scheduled B items to see. To Find fast (Use ctrl+f to and type your items.)
Is any surcharge levied by VAT Department of Punjab?
No Surcharge is levied by Excise and Taxation Department of Punjab right now. Update: Now surcharge will be levied at 10% on VAT from 5-2-2010 as per latest notice from excise and taxation department.
Is these amended rates applicable on declared goods?
No, rates will be applicable only on scheduled items not on declated goods.
How I know that my goods comes under declared goods?
Download the list of declared goods items. To Find fast (Use ctrl+f to and type your items.)
The rate of percentage is gradually increasing gradually by all the states starting from Delhi VAT Department. See the latest notification also for increment on Delhi VAT rates from 4% to 5%. The dealers are in trouble particularly in Punjab.
Related posts:
- Now Surcharge @ 10% will be Applicable on Punjab VAT Rates w.e.f. 5-2-2010
- Clarification Regarding Surcharge / Additional Tax on Punjab VAT Rates
- Punjab govt mulls hotel luxury tax
- Punjab ITC Can be Claimed up to Fourth Stage Only – Punjab VAT Major Amendment
- Surcharge 5% on Haryana VAT from 1 April, 2010
{ 18 comments… read them below or add one }
We are manufacturing Scaffolding Material from Iron & Sheet Metal Steel. Kindly advise us for new vat rate applicable under Punjab Vat Act.
I know that from very past as Punjab Government is not thinking for their revenue side they just think for their vote bank & giving out millions of rupees as subsidy.
1.what is rate of tax on declared goods with & without c form in the case of interstate sale
2.what is rate of tax on other goods with & without c form in the case of interstate sale
please reply
thanking you
PLS I WANT TDS RATE IN COMPANY & NON COMPANY WISE
Which type of yarn is taxable under 5% clause as per amendment on 29/01/10 under Punjab Excise & Taxation Deptt. Please provide detail weather polyster yarn & polyster filament yarn in taxable @ 5% or 4%.
1.what is rate of tax on declared goods with & without c form in the case of interstate sale
2.what is rate of tax on other goods with & without c form in the case of interstate sale
dear sir,
please issued detail of vat 4% change 5% incrated and surchages 10% kya es ke sath vat 12.5% bi change hain so, please es ke bare bta degia thanks
rupesh bhagat
Marashtra VAT RATE for 2010
Marashtra VAT RATE for 2010 ???
sir
kindly tell us the forging items are under 5% vat,if not so that we pay surcharge or not.
I would like to know whether any material entering in to state of Punjab from other state will be liable to pay Punjab VAT (whatever prevailing rate of VAT ) at the time of entry.
Thanks & regards
Himanshu
rates of vat in punjab, haryana & surcharges & any other applicable rates please send
VAT %age for interstate sale. as party is not going to issue the C Form on that sale
whts the procedure of getting the new tin if the company having the old vat number
I would like to propose not to hold off until you earn big sum of cash to buy different goods! You can take the credit loans or just car loan and feel fine
please confirm is there any changes in deduction of TDS of work contract under punjab vat act, as rate has been changed from 4% to 5%.
is there any notification in this regard?
thanx
Please forwrad the VAT rate list of following items:-
Steel, D I Pipe, C I Pipe, G I Pipe, Electric Fittings, Steel Window, Bricks, Bricks Tiles, PVC Doors, PVC Chowkhats, Steel Sheet
i want to know the Notional ITC meaning and how callucate it