Goods and Service Tax (GST)
The Parliament of India has already passed the crucial taxation bills of Goods and Service Tax (GST). Punjab has been at the forefront of supporting an early introduction of GST. The migration of existing tax payers to GST is already underway.For smooth introduction of GST in the State, the Department of Excise & Taxation has undertaken a massive outreach programme through more than 100 workshops for interaction with tax payers and professionals in making them aware about the proposed tax reform.
We shall provide all facilitation and help to the Trade and Industry in ensuring a smooth transition to GST regime. The State shall also appoint a Tax Ombudsman to address the grievances of the trade and industry, objectively and impartially.GST would be the important structural change in our Tax administration. It will have huge impact on the movement of goods and services across the country and I envisage that Punjab would gain with the introduction of GST through a broadened Tax base and improved compliance. Since GST would come into effect from 1st July 2017, I don’t propose to make any change in the Tax structure, at this stage.
BUDGET AT A GLANCE
The total Budget size for the year 2017-18 is Rs 118237.90 crore. However the effective Budget size is Rs 90737.90 crore as the above figure contains a budget provision of Rs 27500 crore towards Ways and Means transactions for the current year. The total Receipts are likely to be Rs 105514.84 crore.
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