Punjab Deputy Chief Minister Sukhbir Singh Badal on Friday announced that the IT software giant, Infosys, is going to kick off construction of its IT centre on 50 acres of land from February 20.
Sukhbir informed that this centre would provide more than 25,000 jobs to our youth while one of the biggest hotel and food processing company ITC is also landing in the State with huge investments. Presiding over a function organised by Steel Chamber of Commerce and Industries, he announced self-assessment for traders. “Now, traders and shopkeepers will not have to keep record books as Government has implemented policy under which traders having Rs 25 lakh annual turnover will have to pay Rs 5,000 once,” he said.
He added that traders falling between Rs 25 to Rs 50 lakh and Rs 50 to Rs 75 lakh will have to pay Rs 10,000 and Rs 15,000 respectively while traders and shopkeepers with the annual sale up to Rs 1 crore to be deposited Rs 20,000. “In lieu of this lumpsum tax amount, the Government will provide them annual cashless treatment up to Rs 50,000, Rs 2 lakh life and accidental insurance and Rs 5 lakh insurance in case of damage of property due to fire breakout,” he added.
He said that Excise and Taxation Department has become complete ‘paperless’ department and all departments will get the same status within two years. Describing Hoshiarpur incident, where Union Minister of State for Health and Family Welfare was taking a meeting of doctors and there was reportedly a causality in emergency, as ‘very unfortunate’, he said that Punjab Government will conduct an enquiry in this regard. On VAT refund, he said that there was a pendency of Rs 450 crore till January 1, out of which Rs 125 crore has been paid while remaining amounts will also be disbursed soon.