Related Keywords: all kinds of yarn, except polyester filament, finally announces reduction in VAT rate, liablity of the refund will decrease, new rates would be applicable from Friday, notice issued by excise and taxation department, prove very helpful for hosiery trade, Punjab Government, Punjab Spinners Association, relief for ailing spinning mills
The Punjab Government has finally announced reduction in VAT rate on all kinds of yarn except polyester filament, from 6.5pc to 3.63pc. In this regard, the excise and taxation department issued a notification today.
Additional chief secretary (taxation) DP Reddy, who issued the notification on Thursday evening, said new rates would be applicable from Friday.
This will prove very helpful for the hosiery trade and with this, the liablity of the refund will also decrease. Rate of tax on polyester yarn, polyester chips, staple fibre and its waste acrylic fibre will be 6.05 per cent.
