New Tax Amendments Streamline Compliance in Punjab
The Punjab Assembly has passed an amendment to the Punjab State Development Tax Act, originally established in 2018. This aims to simplify tax compliance and collection by introducing a lump-sum payment option and new sections addressing specific tax liabilities, amidst repealing outdated laws.
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In a significant move to ease tax compliance, the Punjab Assembly passed the Punjab State Development Tax (Amendment) Bill, 2025. Monday's session saw Finance Minister Harpal Singh Cheema present the bill, emphasizing improvements in tax collection for the state.
The PSDT Act of 2018, mandating monthly payments from taxpayers, will now be simpler. A notable feature is a lump-sum payment option, allowing a single Rs 2,200 payment annually. This change aims to alleviate inconvenience for taxpayers.
New sections including 11A, 11B, 11C, and 11D further refine the tax framework, covering cases like company mergers and insolvency. Additionally, the Punjab Appropriation Acts (Repeal) Bill, 2025 was introduced to remove irrelevant legislation, ensuring a cleaner legal slate.
(With inputs from agencies.)
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