The Department of Excise and Taxation, Punjab on June 10, 2023, issued a notification regarding amending the Schedule "E" appended to the Punjab Value Added Tax Act, 2005
The following has been amended namely: -
• The Schedule "E" which states the “list of goods Taxable at Special Rates” for serial numbers 1 and 2 and the entries relating thereto, the following shall be substituted, namely: -
“1. Diesel other than premium diesel 12.00 percent or rupees 10.02 per liter, whichever is greater
2. Petrol 15.74 percent or rupees 14.32 per liter, whichever is greater”
• It states that the Additional tax at the rate of 10% as specified in the section 8-B of the Punjab Value Added Tax Act, 2005 shall be added in ad valorem rates only. Fixed rates specified are already inclusive of additional tax at the rate of 10% as specified in section 8-B of the Punjab Value Added Tax Act, 2005.
• It further states that this shall come into effect from June 10, 2023 (midnight of 10th and 11th June 2023), by dispensing with the condition of the previous notice.
[Notification No. No. S.O. 42/P.A.8/2005/S.8/2023.]
