Discover the latest reforms in Punjab – from property tax exemptions to streamlined GST processes. Stay informed with our detailed overview.
In a significant move, the Punjab cabinet, under the leadership of Chief Minister Bhagwant Mann, has implemented several crucial reforms aimed at urban development and taxation. Here’s a breakdown of the key changes:
1. Stamp Duty Remission Until Year-End:
The cabinet has decided to waive the 3% additional stamp duty (security fund) imposed on property registration in urban areas, including municipal corporations and class-1 municipalities, until December 31, 2023. This decision aims to ease the financial burden on property buyers in urban zones.
2. Premature Release Cases Approval:
The cabinet has given its consent to submit the cases of two life convicts, currently incarcerated in state prisons, for premature release. After cabinet approval under Article 163 of the Constitution, these cases will be forwarded to the governor under Article 161 for further consideration.
3. Regularization of Standalone Buildings:
A new policy has been greenlit to regularize existing standalone buildings like hotels, multiplexes, farmhouses, educational and medical institutions, and industrial establishments. These structures, constructed without departmental permission outside municipal limits, urban estates, and industrial focal points, can now be regularized until December 31, 2023. The policy offers a window for applicants to submit necessary documents, including CLU, EDC, SIF, regularization fees, processing fees, and mining charges. All cases under this policy will be resolved within six months.
4. Amendments in GST Act:
To facilitate taxpayers and promote ease of doing business, the cabinet approved the introduction of the Punjab Goods and Services Tax (Amendment) Bill-2023. The amendments include the establishment of the GST Appellate Tribunal and state benches, decriminalization of specific offenses, enabling small traders to supply goods through e-commerce platforms, consent-based information sharing, and legal provisions for taxing online gaming activities.
These reforms reflect Punjab’s commitment to progressive governance and economic development, providing both businesses and citizens with opportunities for growth and compliance. Stay tuned for further updates on these transformative changes.