Vidhi Codex

Punjab vat act 2005

The Punjab VAT Act 2005

Tax200590 sections

This law establishes a Value Added Tax system for the state of Punjab. It applies to anyone who carries on business, such as trading, manufacturing, or selling goods, by requiring them to pay tax on the value they add to products. The Act defines what counts as goods and business activities while setting rules for how tax is calculated and collected. It matters because it creates a more efficient way of taxing commerce, ensuring the state government collects revenue to fund public services and infrastructure within the region.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Commissioner and other officers
  4. 4. Constitution of Tribunal
  5. 5. Procedure of the Tribunal
  6. 6. Incidence of tax
  7. 7. Liability of person registered under the Central Sales Tax
  8. 8. Rate of Value Added Tax
  9. 9. Rate of Turnover Tax
  10. 10. Rounding of tax
  11. 11. Bar against collection of tax when not payable
  12. 12. Liability of registered persons
  13. 13. Input tax credit
  14. 14. Input tax credit on goods held in stock on the appointed day
  15. 15. Net tax payable by a taxable person
  16. 16. Tax free goods
  17. 17. Zero-rated sales
  18. 18. Refund of tax to certain categories
  19. 19. Levy of purchase tax on certain goods
  20. 20. Levy of tax on turnover of purchase of goods in certain circumstances
  21. 21. Persons liable to register
  22. 22. Voluntary registration for VAT
  23. 23. Amendment of registration
  24. 24. Cancellation of registration
  25. 25. Security from certain classes of persons
  26. 26. Returns
  27. 27. Tax deduction from the amount payable to works contractor
  28. 28. Audit of returns
  29. 29. Assessment of tax
  30. 30. Provisional assessment
  31. 31. Tax liability of a casual trader
  32. 32. Interest for non-payment or delayed payment of tax
  33. 33. Due date of payment
  34. 34. Tax as a debt due to the State Government
  35. 35. Liability under this Act to be the first charge
  36. 36. Arrear recoverable as arrears of land revenue
  37. 37. Adjustment of any payment
  38. 38. Restrictions on transfer of property
  39. 39. Refund
  40. 40. Interest on delayed refund
  41. 41. Power to withhold refund in certain cases
  42. 42. Accounts
  43. 43. Audit of accounts by Chartered Accountant
  44. 44. Period of retention of accounts
  45. 45. Taxable person and registered person to issue invoice
  46. 46. Production and inspection of accounts, impounding of documents, search of premises and seizure of goods
  47. 51. Detention and penalty under transit
  48. 52. Penalty for failure to register
  49. 53. Penalty for failure to pay tax when due
  50. 54. Penalty for failure to file return or annual statement
  51. 55. Penalty for unauthorized collection of tax
  52. 56. Penalty for evasion of tax
  53. 57. Penalty for failure to issue invoice and use of false invoice
  54. 58. Penalty for misuse of registration number
  55. 59. Penalty for non-payment of assessed demand
  56. 60. Penalty in cases not covered elsewhere
  57. 61. Authority competent to impose penalty
  58. 62. First appeal
  59. 63. Appeal to the Tribunal
  60. 64. Condonation of delay
  61. 65. Revision
  62. 66. Rectification of mistakes
  63. 67. Bar on appeal against certain orders
  64. 68. Appeal or revision to High Court
  65. 69. Returns to be confidential
  66. 70. Power to make rules
  67. 71. Court fees on memorandum of appeal and application for revision
  68. 72. No time limit for completion of assessment or amended assessment in certain cases
  69. 73. Attendance before authority and representation through agent
  70. 74. Power to call for information
  71. 75. Delegation of powers
  72. 76. Information to be furnished regarding change of business
  73. 77. Transfer of business
  74. 78. Liability to tax on stock in certain cases
  75. 79. Liability of partners
  76. 80. Liability to pay tax in case of death
  77. 81. Certain agents liable to pay tax for sales on behalf of principal
  78. 82. Amalgamation of companies
  79. 83. Liability in case of company, firm or society in liquidation.
  80. 84. Provisions in case of inter-state trade.
  81. 85. Determination of disputed questions.
  82. 86. Power to seek assistance from police officer or other officer.
  83. 87. Powers to summon witness and production of records.
  84. 88. Bar on certain proceedings.
  85. 89. Indemnity.
  86. 90. Burden of proof.
  87. 91. Power to remove difficulties.
  88. 92. Repeal and saving of Punjab Act 46 of 1948
  89. 93. Transitional provisions
  90. 94. Repeal of Punjab Ordinance 5 of 2005

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