Punjab Announces Rs. 18 Billion Tax Relief for Businesses and Public


As a part of several initiatives to provide relief to the business community and general public, Government of the Punjab has launched a Tax Relief Package worth more than Rs. 18 billion  which will help curtail unemployment and facilitate businesses during the coronavirus outbreak.

electricity duty

Government of the Punjab

According to the details, the GST on services on medical consultants and hospitals has been suspended.

The tax from construction services has also been suspended in order to keep the wheel of the economy moving.

The GST has been reduced to 0% from 16% on construction services, doctors, private hospitals, marriage halls, catering, laundry, beauty salons, gyms, embroidery services etc.

The Punjab government has deferred the property tax and development cess from urban immovable property, reduced the CVT and stamp duty taxes to 2 percent from 6% on the property transactions to incentivize the real estate and construction sectors for employment generation and direly needed stimulus to the national economy.

In order to provide relief to the general public during the lockdown, the Punjab government also brought the GST on service tax rate to zero from online platforms to incentivize them and the people.

Similarly, businesses and services related to Human Resource (HR) development are also brought down to zero rates. The businesses closed to reduce the cost of resuming the business activity are also included in this category.

The property tax and professional tax in Punjab has been waived off for the next three months. The electricity duty for consumers has also been waived off for the next three months.

Tags: , , , ,

You May Also Like

Online Shopping Demand Grows Significantly as Lockdown Gets More Strict
AI Based Brain Scanners Can Now Convert Thoughts to Texts

Tech & Telecom