Tax rebate for Punjab dealers, shopkeepers

The Punjab government on Wednesday extended the ambit of ‘Rahat scheme’ to the entire State, including corporations and class-I cities, and announced rebate in tax for dealers and shopkeepers.

The lump sum tax for dealers having annual turnover of less than Rs 10 lakh has been reduced and now the shopkeepers having turnover between Rs 5 lakh to Rs 10 lakh would have to pay Rs 1,000 as lump sum tax instead of existing Rs 5,000, an official spokesman said here.

A decision to this effect was taken here by the State Cabinet in a meeting held under the chairmanship of Chief Minister Parkash Singh Badal.

“The shopkeepers having turnover less than Rs 5 lakh have been given the option of getting a ‘Nil Tax ‘liability certificate at the payment of token fee of Rs 50,” the spokesman said.

The Cabinet decided that there would be no hike in rates of lump sum tax for a period of three years up to March 31, 2018 and thereafter, there would be an annual increase of 5 per cent in it.

New initiative

In another initiative, the Cabinet also gave nod for introducing a compounding scheme for iron and steel re-rolling mills.

With a view to bringing all unauthorised constructions outside Municipal limits under the umbrella of planning framework for ensuring parking, public health and securities facilities in these buildings, the Cabinet also gave nod to a compounding policy under which the owners of the authorised buildings could apply to the Housing and Urban Development department for regularisation of their buildings.-PTI