What will be the provincial sales tax for the new financial year in Punjab? With regard to sales tax, the Punjab government has taken major decisions. Proposals to impose 16% sales tax on restaurants, beauty parlors and saloons in the new financial year. It is proposed to levy 5% tax.
According to Punjab Finance Department sources, the provincial government will reduce tax rates in other sectors if the economic situation deteriorates due to the corona virus. It is proposed to abolish all taxes in the health sector due to the corona epidemic.
It is proposed to reduce the tax on marriage halls, catering, awnings to 5%, digital platforms, tour operators, gyms and fitness clubs to 5% tax, property dealers, automobile dealers, It is also proposed to levy 5% tax on cable TV operators, rent a car services, skin and laser clinics, parking services, IT services, photography services.
Officials of Punjab Finance Department said that proposals have been made to levy 5% tax on audit companies, towel manufacturing, treatment of textiles. According to Punjab Finance Department officials, proposals have been made to reduce some taxes and impose some taxes.
A briefing has also been given to Punjab Chief Minister Sardar Usman Bazdar in this regard. On the other hand, the officials of the Punjab Finance Department said that the Punjab government is facing severe difficulties in setting the final targets of the budget for the next financial year.
The increase has not been announced yet. A proposal to freeze the amount of Rs. 337 billion in terms of salaries is also under consideration. There will be an additional burden of Rs 1 billion annually after the final share of the province comes to light The final targets of the development program will be set, with at least Rs. 13 billion set aside specifically for tackling the Coronavirus pandemic.
An additional 20 percent budget will be allocated for the salaries and rewards of the front line workers fighting Coronavirus pandemic.
Extracted from City42 News