Chandigarh, Jan 30 (UNI) The Punjab government had decided 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.
Likewise, it was also decided to raise tax on two-digit weekly lottery from Rs 25,000 to Rs 50,000 per draw.
The revision of rates would fetch additional revenue of Rs 86.80 crore for Punjab.
It may be recalled that the existing rate of tax of Rs 25,000 per draw was very low as compared to other states like Karnataka, Kerala and Maharashtra.
This decision was taken at a meeting of the state Cabinet held here today. The meeting was chaired by Chief Minister Parkash Singh Badal.
The Cabinet also decided to grant exemption from levy of VAT on raw materials and consumables produced by or sold to Sri Durgiana Committee, Amritsar.
In pursuance of the representations from trade and industry, the Cabinet also decided to grant ex-post facto approval to reduce the rate of VAT on furnace oil from 12.5 per cent to four per cent.
In another significant decision the Cabinet also 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turnover, with a minimum of Rs 1000 subject to fulfillment of eligibility criteria as laid down in rule 33 (B) of the repealed Punjab general sales tax rules.
The Cabinet also granted approval to amend sub-section 5 of section 19 of the Punjab Value Added Tax, 2005 relating to Input Tax Credit on schedule 'H' goods.
The Cabinet 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 the year 2007-08.
UNI HS KK AS1847