Amendment status not verified — confirm the current text below against the official source.
(1) The Board may, with the prior approval of the State Government, make byelaws for the proper performance of its functions under this Act. (2) In particular and without prejudice to the generality of the foregoing power, such bye-laws may provide for the following matters, namely :- (i) the constitution, functioning and powers of the Sectoral Sub- Committee, Project Implementation Sub-Committee under sub- section (3) of Section 21; (ii) the custody, application and operation of the Development Fund including, borrowing and investment under sub-section (3) of section 22; (iii) the duties of the Managing Director , officers and employees of the Board and their conditions of service under section 23; (iv) conduct of the meeting of the Board, the time and place at which such meetings shall be held, the procedure to be followed in the transaction of business under sub-section (7) of section 18; and 1Substituted by Punjab Act No. 22 of 2016, Section 4 Powers of the Board to make bye- laws. (v) any other matter in relation to which bye-laws are required to be or may be made. CHAPTER V LEVY OF FEE AND PUNJAB INFRASTRUCTURE DEVELOPMENT FUND 1[25. (1) With effect from the date of coming into force of this Act, and subject to the provisions of this Chapter, every person shall be liable to pay a fee levied under this Act on the sale or purchase of the goods specified in Schedule III, on the value of consumption of electricity being supplied by the Punjab State Power Corporation Limited and purchase of immovable properties, within the State of Punjab at a rate, not exceeding six rupees for every one hundred rupees of the value of goods, electricity consumed and purchase of immovable property as the State Government may, by notification, direct. (2) The fee shall be payable at the stage, mentioned in respect of goods in Schedule III. (3) Subject to the provisions of this Act and the rules made thereunder, the authorities for the time being empowered to assess, reassess, collect and enforce payment of tax under the Punjab Value Added Tax Act, 2005, shall, on behalf of the Punjab Infrastructure Development Board, assess, reassess, collect and enforce payment of fee, including any interest or penalty, payable by a person under this Act, as if such fee or penalty or interest payable by such a person, is a tax or penalty or interest, payable under the Punjab Value Added Tax Act, 2005, and for this purpose, the aforesaid authorities may exercise all or any of the powers, exercisable by them under the Punjab Value Added Tax Act, 2005 and the rules framed thereunder and the provisions of the Punjab Value Added Tax Act, 2005 relating to the returns, provisional assessment, assessment, reassessment, rectification, review, advance payment of tax, registration of transfree of any 1Substituted by Punjab Act No. 27 of 2015, Section 2 Levy of fee. business, imposition of the tax liability, carrying on the business on the transfer of successor to such business, transfer of any liability of any firm or Hindu Undivided Family to pay tax in the event of dissolution of such firm or partition of such family, recovery of tax from third parties, appeals, reviews, revisions, rectifications, references, refunds, rebates, interest or penalty, charging or payment of interest, compounding of offences and treatment of documents, furnished by a person as confidential, shall apply accordingly. (4) (i) Subject to other provisions of this Act and the rules made thereunder, the authorities for the time being empowered to assess, reassess and collect and enforce electricity duty under the Punjab Electricity (Duty) Act, 2005 shall on behalf of Punjab Infrastructure Development Board also assess, reassess and collect and enforce payment of Infrastructure Development fee on the value of consumption of electricity including any interest or penalty payable by a person under this Act, as if, the fee or penalty or interest payable by such a person under this Act is a duty or penalty or interest payable by such a person under the Punjab Electricity (Duty) Act, 2005; and (ii) Subject to other provisions of this Act and the rules made thereunder, such authorities, who are presently engaged in the collection of Stamp Duty, Social Infrastructure Cess shall also be empowered to assess, reassess and collect and enforce Infrastructure Development fee on purchase of immovable properties. (5) The fee collected under sub-section (1), shall be deposited by the authorities, specified in sub-section (3) and sub-section (4) in the 1[Consolidated Fund of the State] within a period of one week from the date of its collection. (6) The person shall deposit the amount of fee due from him either in cash or by cheque in a specified bank account. 1Substituted for words “Development Fund” by Punjab Act No. 13 of 2017, Section 5 Explanation.- (1) For the purposes of this Act, the expressions "sale", "purchase" and "person" shall have the same meanings as have been assigned to them in the Punjab Value Added Tax Act, 2005. (2) In respect of levy of Infrastructure Development fee on the value of consumption of electricity, the exemptions granted in respect of levy of electricity duty shall mutatis mutandis apply to the levy of Infrastructure Development fee on electricity consumed.] 1[25-A. Notwithstanding anything contained in this Act, the State Government may also levy Special Infrastructure Development fee on petrol, diesel and immovable property at such rate, as the State Government may, by notification, direct, for the purpose of which a special head shall be created under which the accrued Special Infrastructure Development fee shall be collected and deposited directly into the Development Fund constituted under section 27.]