|
| Stamp duty, VAT collection likely to rise in Punjab |
| Vijay C Roy / New Delhi/ Chandigarh May 11, 2009, 00:17 IST |
|
Despite the current slowdown, Punjab is likely to register an increase of 10 per cent in stamp duty collection and about 23 per cent in the value added tax (VAT) collection in the 2008-09 financial year.
According to preliminary estimates by the finance department, stamp duty collection in the state during 2008-09 is likely to touch Rs 1,767 crore, as compared with Rs 1,612 crore during the previous year. Also, VAT collection is expected to touch Rs 6,800 crore, as against Rs 5,543.49 crore.
The state, however, is likely to see a reduction in excise duty and central sales tax collection. Excise duty collections is likely to decline to Rs 1,836 crore during 2008-09, as compared with Rs 1,860 crore, while sales tax collection is expected to be to the tune of Rs 269 crore in 2008-09 from Rs 327 crore in 2007-08. “Excise revenue has gone down due to 50 per cent reduction in excise duty announced by the Centre last fiscal,” said an official of finance department.
It may be noted that the Centre, during the 2007-08 Budget, had slashed the excise duty by 2 per cent from 16-14 per cent. Later, it reduced the duty by 4 per cent to 10 per cent as part of its stimulus package announced in December 2008. Thereafter, the government had reduced the duty to 8 per cent in February this year.
According to the finance department, the overall tax collection in the state is likely to touch Rs 8,880 crore, excluding stamp duty, during the 2008-09 fiscal year, as against Rs 7,740 crore collected during the previous year.
Recently, the Punjab excise and taxation department hired Price Waterhouse Coopers as its consultant for system integration. The objective of the project is to focus on the implementation of an electronic workflow system to improve internal administrative efficiency, faster processing and monitoring, backend computerisation of the functions of the department, standardisation of commercial tax administration across the state etc.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
