No institutional tax, VAT assessment, Punjab CM woos industry

Ludhiana, October 27

CM Charanjit Channi today said several industry-friendly decisions had been taken by the Cabinet, major one being the abolition of institutional tax.

The CM also announced the VAT assessments of about 40,000 dealers, which were of the pre-GST years, had been done away with and now only 8,000, who have tax demand of more than Rs 1 lakh, would be assessed under one-time settlement scheme.

He said traders and industry would not be harassed anymore and the “inspector raj” would be abolished. Channi said the government was going to bring a one-time settlement scheme for plot holders of Punjab Small Industries Export Corporation, who have been imposed enhanced charges.

CLU certificate won’t be required to set up a unit in approved industrial areas and conditions will be waived to set up units in non-industrial areas. Fixed power charges will be waived by 50% for micro, small-medium industries. — TNS