New Update
Under the name of Punjab Social Security Fund, the people of Punjab will now face a major shocker as they will have to pay five different taxes. The decision was taken on Wednesday in the Vidhan Sabha by the Punjab Congress.
The bill that has been named as the Punjab Social Security Bill, 2018 will be applicable from April 1, 2018.
A bill to provide for the establishment of Punjab Social Security Fund with a view to provide for social services to the eligible beneficiaries under the relevant Schemes of the State of Punjab, in the form of pension to senior citizens, widows, destitute women, physically challenged persons; health and accident insurance; scholarship for education of children belonging to deprived sections; and such other financial assistance to poor and needy.
The following taxes will be imposed from April 1, 2018:
- A social Security Surcharge not exceeding rupees two per litre on sale of petrol and/or diesel which are subject to Punjab Value Added Tax levied under the Punjab Value Added Tax Act, 2005
- A Social Security Surcharge not exceeding one percent of value of vehicles registered in the state of Punjab which are subject to payment of tax under the Punjab Motor Vehicles Taxation Act, 1924
- A social Security Surcharge not exceeding ten percent of tax on transportation vehicles in the state of Punjab which are subject to such tax under the Punjab Motor Vehicles Taxation Act, 1924
- A social Security Surcharge at the rate of five percent of monthly electricity bill:
- A Social Security surcharge not exceeding ten percent of excise duty and license fee as chargeable under the Punjab Excise Act, 1914 (Punjab Act No 1 of 1914)