Punjab VAT Act

The Philippine high court on Tuesday upheld the constitutionality of the country’s new value-added tax law, the centrepiece of president Gloria Macapagal Arroyo’s fiscal reform programme, in a move that should boost investor confidence. The ruling paves the way for the implementation of a key element of Mrs Macapagal’s effort to ...

West Bengal’s Marxist finance minister Asim Dasgupta has found an unlikely ally in his zeal to implement value-added tax (VAT) across India. The US Consul General in Kolkata, Henry V Jardine, said India must create a true national market, among other things, if it is to attract the huge ...

Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, on Friday stressed the need for the country to improve upon its revenue generation by enhancing the service delivery of the revenue agencies and widening of the tax net. He said government was committed to developing an effective and efficient tax ...

CHAPTER - I : PRELIMINARY Short title and commencement. 1. (1) This Act may be called the Punjab Value Added Tax Act, 2005. (2) It shall come into force from the 1st day of April, 2005. Definitions 2. ...

CHAPTER II : INCIDENCE AND LEVY OF TAX Incidence of tax 6. (1) Every person, except a casual trader and one dealing exclusively in goods declared tax free under section 16, whose gross turnover during the year immediately preceding the commencement of this Act or during any year subsequent thereto, exceeded the ...

CHAPTER III : LEVY OF PURCHASE TAX Levy of purchase tax on certain goods 19. (1) Notwithstanding anything contained in this Act, there shall be levied VAT on the taxable turnover of purchase of the goods specified in Schedule-H at the rate applicable to such goods as per the Schedules. (2) The tax ...

CHAPTER - IV : REGISTRATION Persons liable to register 21. (1) No person other than a casual trader, who is liable to pay tax under this Act, shall carry on business, unless he is registered under this Act. (2) Every person required to be registered under sub-section (1), shall make an application ...

CHAPTER-V : PROCEDURE AND ADMINISTRATION OF TAX Returns 26. (1) Every taxable person shall make self assessment of tax and shall file return for a period, within such time and in such form as may be prescribed. (2) Every registered person shall make self assessment of ...

CHAPTER-VI : PAYMENT AND RECOVERY OF TAX Due date of payment 33. Value Added Tax or Turnover Tax due or payable under this Act, shall be paid,- (a) in the case of a taxable person whose gross turnover exceeds rupees one crore in the previous year, on monthly basis by such ...

CHAPTER VII : REFUND Refund of tax 39. (1) Subject to the provisions of this Act and the rules made thereunder, the Commissioner or the designated officer shall, in such manner and within such period, as may be prescribed, refund to a person, the amount of tax, penalty or interest, if any, ...