PVAT Act 2005 – Declared Goods except wheat and paddy will be taxable @ 4.4% w.e.f. 08/04/2011

Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4% to 5% by including these goods in schedule B of PVAT Act 2005.

Now

surchage is also applicable on declared goods other than Paddy and wheat, since the ceiling rate of tax was enhanced from 4% to 5% by the Central govt in the Budget of 2011-12.

Rate of 4% now liable to Surcharge i.e 4.40% (except on paddy & wheat)