Punjab Government
has announced to slash VAT rate on Scrap (Melting & Rolling), ingots, billets,
blooms or other semi finished goods, finished goods, inter state sales to 2.5%
from 4.95% with surcharge of 10% with effect from Feb 01, 2014 as Mr. Badal has
announced that Punjab Cabinet will approve this new VAT concept for Iron &
Steel industry in 1st week of January & the same will be implemented by
making the notification from 1st February 2014.
In this new restructured
VAT regime the State Government has also decided to calculate VAT on the basis
of electricity consumption of per unit which is as under:
|
S.NO.
|
QTY.
MANUFACTURED
|
UNITS
CONSUMED OF ELECTRICITY
|
|
1.
|
One Ton of Finished item
|
250 units
|
|
2.
|
For Furnace One Ton of Ingot
|
750 units
|
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