PTBA welcomes extension of Punjab Small Traders Rahat Scheme 2014

Ludhiana, April 8, 2015: Punjab Tax Bar Association (PTBA) has welcomed & appreciated the move of Excise & Taxation Department (Punjab) by virtue of which Punjab Small Traders Rahat Scheme 2014 has been made applicable & extended  w.e.f March 11, 2015 to entire Punjab State. According to Ashok Kumar Juneja, President & B.R. Kaushal, Secretary General, Punjab Tax Bar Association (PTBA), previously the said scheme was applicable only for small towns & cities of Punjab and not in the areas falling under corporation or Class-1, municipal towns. The detail of tax liability on Taxable turnover (excluding the turnover of goods covered under single stage transaction) is as under: 

Sr. Particular Amount of Tax

1. Rs. 5 Lac to Rs 10 Lac 1,000

2. Rs. 10 Lac to Rs 25 Lac  5,000

3. Rs. 25 Lac to Rs 50 Lac 10,000

4. Rs. 50 Lac to Rs 75Lac 15,000

5. Rs. 75 Lac to Rs 1 Crore 20,000

They further said that on submission of application the Excise & Taxation department will issue Rahat Certificate.

Juneja & Kaushal said Inspection of business premises or Assessment of any such persons who has opted for the said scheme will only be made with the prior permission of the Excise & Taxation Commissioner. Such dealer will not be entitled for any Input Tax Credit (ITC).