Home » Industry » Rahat Scheme for Punjab Traders
Photo- www.livetechinfo.net
Photo- www.livetechinfo.net

Rahat Scheme for Punjab Traders

In a bid to reduce lump sum tax on traders/retailers, the state government of Punjab launched Punjab Small Traders Rahat Scheme, 2014. This scheme provides a hassle-free platform to traders to opt for lump-sum annual taxes under the below mentioned categories.

Eligibility criteria:

  • He/she has to be a retailer
  • The person who doesn’t conduct any business in any corporation or Class-1 municipal town of the state
  • His/her taxable turnover (except the turnover of the goods covered under single stage taxation) is less than ₹ 1 crore in a financial year
  • He/she doesn’t conduct any inter-state sale/purchase

Method to calculate tax liability:

SL No Taxable turnover (excluding the turnover of goods covered under single stage taxation) Tax Liability
1 Rs. 5- Rs. 10 lakhs Rs. 1,000/-
2 Rs. 10 – Rs. 25 lakhs Rs. 5,000/-
3 Rs. 25- Rs. 50 Lakhs Rs. 10,000/-
4 Rs. 50-Rs. 75 Lakhs Rs. 15,000/-
5 Rs. 75 Lakhs –Rs. 1 crore Rs. 20,000/-

Benefits of the scheme:

  • Any person who has opted for tax levy under this scheme will not be taken up for assessment without the permission of Exercise and Taxation Commissioner.
  • Business office of any person, who has opted for this scheme, will not be inspected without the prior permission of Exercise and Taxation Commissioner. If it is inspected without the permission, then the dealer can lodge a legal complaint.

Repaying the taxes:

Any person opted for this scheme can pay the taxes in 4 quarterly installments.

How to apply?

Any person wants to opt for this scheme needs to submit an application to the designated officer.

To get the form, CLICK HERE

Check Also

PC: dailymail.co.uk

Financial Assistance for Repairing of House of ESM

Department of Ex-Servicemen Welfare, Govt of India has a scheme of providing funding support for Financial Assistance ...

Leave a Reply

Your email address will not be published. Required fields are marked *