PUNJAB BUDGET 2015-16
The Punjab Finance Minister Shri.Parminder Singh Dhindsa presented the State Budget on 18th March,2015. The Finance Minister presented a deficit budget of Rs.125 Crores. The Finance Minister presented proposals worth Rs.79,314 Crores.
No new taxes were imposed in the State Budget for 2015-16.
The total receipts of budget Rs.60,585 Crores includes Rs.46,229 Crore of revenue receipts and Rs.14,356 Crore of Capital receipts. The expenditure proposed in the budget is Rs.61,814 Crores.
Mr.Dhindsa, in his speech mentioned that “The budget has been prepared against a changed backdropcreated by increased devolutions from the 14th Finance Commission and a concomitant reduction in plan transfers to States in the Union Budget.
On 4th March,2015, the Punjab Government announced
• Increase in VAT Rate on Iron & Steel from 2.5% to 3.5%.
• VAT rate on Natural gas is increased from 5.5% to 13%.
LUMPSUM TAX-
|
ANNUAL TURNOVER LIMIT |
LUMPSUM TAX |
|
·
Less than Rs.5 Lakhs |
Can
obtain NIL Tax Liabilty, provided
token fee of Rs.50 is paid |
|
·
Rs.5 Lakhs to Rs.10
Lakhs |
Rs.1000 |
Click to view Finance Minister's Budget Speech 2015-16
