The Punjab Assembly on July 1 approved the removal of new taxes and relief.
Finance Bill for the next fiscal year 2020-21 Punjab government GST those services, construction services, property tax, entertainment (entertainment) Tax on where there have been numerous incentives and discounts to offer online taxi who use services. A new tax (Ride Healing Services) has been imposed on consumers at a rate of 4%. The Stamp Act 1899 has been amended to reduce the rate of various types of stamp duty from 5% to 1%.
It is to be noted that the concessions and exemption in stamp duty were given for two months of the current financial year which was approved to continue in the next financial year as well. Approval is given to increase the tax rate on health insurance, doctor’s consultancy and hospitals from 5% to zero% in terms of GST on services.
The proposal to reduce the tax rate on more than 20 services from 16% to 5% was approved. These include property dealers, cable TV operators, treatment of textile and leather, commodity commission agents, audit, accounting and tax consultancy services, photography, and parking services.
A proposal to give a 20% rebate instead of 10% in case of full payment of vehicle registration and token tax has been approved while a special discount will be given in case of online payment under the Punjab ePay portal.
In the next financial year, it was approved to reduce the rate of stamp duty from 5% to 1%. However, general sales tax on clubs including race clubs and their membership services and facilities. The proposal to keep the rate at 16% has been approved.
Extracted from City42 News