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VAT reduced on material bought by Punjab power utilities
December, 23rd 2011
 The Punjab government today decided to reduce VAT from 12 per cent to 5 per cent on material purchased by Punjab State Power Corporation (POWERCOM) and Punjab State Transmission Corporation (TRANSCO) for power generation, transmission and distribution. The nod was given by Punjab Chief Minister Parkash Singh Badal in this regard here today. A spokesperson said that the surcharge of 10 per cent on the VAT levied on said purchase would continue to be charged as earlier. The spokesperson further said that the Chief Minister had taken this decision to safeguard the interests of the local industry. This decision would not only boost the financial viability of these corporations but also immensely benefit all categories of consumers across the state by ensuring far better efficiency in the system of power generation, transmission and distribution, the spokesperson added. PTI CHS YB MR
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