The Punjab Cabinet on Wednesday approved the summoning of the tenth session of the 14th Punjab Vidhan Sabha from March 12 for passing the annual Budget for 2015-16. “The Budget Session would commence on March 12 afternoon at 2 pm with Governor’s address and the Budget for 2015-16 would be presented on March 20 by the Finance Minister. The session would be adjourned sine die on March 25,” said a spokesperson of the Chief Minister’s Office.
To save the shopkeepers from ‘inspector raj’ and make Rahat scheme more attractive, the Cabinet also decided to extend the ambit of the scheme to the entire State including Corporations and class-I cities. likewise, the lumpsum tax for dealers having annual turnover of less than Rs10 lakh has been reduced and now the shopkeepers having turnover between Rsfive lakh to Rs10 lakh would have to pay Rs1000 as lumpsum tax instead of existing Rs5000, said the spokesperson.
He said the shopkeepers having turnover less than Rs5 lakh have been given the option of getting a ‘Nil Tax liability certificate’ at the payment of token fee of Rs50. “In the same manner, it has been decided that there would be no hike in rates of lumpsum tax for a period of three years upto March 31, 2018, and thereafter, there would be an annual increase of five percent in it,” he said.
In another initiative, the Cabinet also gave nod for introducing a compounding scheme for Iron and Steel Re-rolling mills the State. “The scheme stipulates that the tax liability of these industries would be linked with the units of electricity consumed for production of finished goods. The units opting for this scheme would discharge its output tax liability by paying 50 paisa per unit of the electricity consumed and by way of two percent advance tax on the import of scrap directly or through the traders,” he said.
To bring all unauthorised constructions outside municipal limits in the State under the umbrella of planning framework for ensuring parking, public health and securities facilities in these buildings, the Cabinet also gave nod to a compounding policy under which the owners of authorized buildings could apply to Housing and Urban Development Department for regularisation of their buildings.
“This would help the owners to avail the facility of water supply, sewerage and power connections,” he said. In another significant decision, the Cabinet gave approval to exempt iron and steel, yarn, sarson (mustard), cotton, vegetable oils and paper board from e-trip. The Cabinet also gave approval to amend Punjab Shops and Commercial Establishments Act, 1958, stipulating that women workers would be allowed to work during night shifts in establishments covered under “Shops and Commercial establishments Act”, subject to certain conditions to ensure their safety.
To prevent exploitation of teachers in private educational institutions, the Cabinet also gave approval for amending section 2 (i) of the Minimum Wages Act vide which teachers and any category could be covered within the definition of employee under section 2 (i) of the Minimum Wages Act thereby allowing the government to fix minimum wages for them. In another major decision aimed at mopping up additional revenue of state by Rs45 crore than previous year, the Cabinet decided to enhance the rate of VAT on natural gas in the state from existing 5.5 percent-plus-10 percent surcharge to 13 percent-plus-10 percent surcharge.