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Punjab notifies new VAT rates on yarn
02
Apr '16
The Punjab Government has issued a notification regarding the change of VAT rate on yarn.

Punjab Finance Minister Parminder Singh Dhindsa announced reduction in VAT rates on all kinds of yarn, except polyester filament, from 6.5 per cent to 3.63 per cent.

The delayed notification had triggered confusion among businessmen who were unable to decide whether to charge the new rate of VAT or the old one from April 1.

Punjab Additional Chief Secretary (Taxation) DP Reddy, who issued the notification on Thursday (March 31) evening, said new rates would be applicable from Friday (April 1).

The Punjab Spinners Association (PSA) has expressed relief at the notification. It said that the reduction in the rate of VAT would help ailing spinning mills to recover.

The Punjab government had announced slashing VAT in the state budget earlier in March, but delayed its notification. (SH)

Fibre2Fashion News Desk – India

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