Amendment status not verified — confirm the current text below against the official source.
BASE YEAR For the purpose of calculating the compensation amount payable in any financial year during the transition period, the financial year ending 31st March 2016 will be taken as the base year." It is not possible to ascertain at present how much revenue from services will come to the State. On the basis of the figures of 2015-16, projected revenue for the year 2017-18 has been calculated. The calculation sheet has been placed at flag 'T'. In case GST is implemented w.e.f. 01.07.2017, it is projected that revenue to the tune of 29627 crores will be collected (Table-2). PUNJAB GOVT. GAZ. (EXTRA), JUNE 23, 2017 (ASAR 2, 1939 SAKA) 171 CALCULATION SHEET Table-1 : Revenue which will be subsumed in the event of implementation of GST (2015-16) Sr. Name of Tax (Title of Tax) In case the Act vide which the tax Entry in the No. figure reported was imposed state list of earlier is not seventh correct, the schedule of revised figure Constitution under which tax was imposed 1 Value Added Tax (VAT) 10662.79 The Punjab VAT Act, 2005 54 excluding VAT on Petroleum and Liquor for human consumption. 2 Central Sales Tax (CST) 499.59 The Central Sales Tax excluding adjustment and Act, 1956 excluding CST on Petroleum and Liquor for human consumption. 3 Entertainment tax 48.54 The Punjab Entertainment 62 Duty Act, 1955 4 Luxury tax 41.39 The Punjab Tax on 62 Luxuries Act,2009 5 Lottery, Betting & Gambling 90 The Punjab Tax on 62 Lotteries Act,2005 6 Advertisement Tax 17.8 Punjab Municipal 55 Act, 2005 & Punjab Municipal Corporation Act, 1976 7 Purchase Tax 2053 The Punjab VAT Act, 2005 54 8 Others (Octroi on electricity) 118.07 Punjab Municipal 52 Act, 2005 & Punjab Municipal Corporation Act, 1976 9 Others (ETTSA FEE) 18.89 The Punjab VAT Act, 2005 54 10 ID Fee on Food Grains 1536.84 The Punjab Infrastructure (Development and Regulation) Act, 2002 Total 15086.91 Note: Tax in lieu of Octroi on liquor to the tune of Rs.162.79 crores has not been added in the revenue to be subsumed in GST. But the same was sent to GST in earlier correspondence. PUNJAB GOVT. GAZ. (EXTRA), JUNE 23, 2017 (ASAR 2, 1939 SAKA) 172 Table-2: Projections for Financial Year 2017-18 if GST is implement from 1-7-2017 :- Sr. Tax Collection Remarks No. (Rs. In crores)