Punjab Finance Bill-----4----(Lahore)

...:(UrduPoint / Pakistan Point News - 17th Oct, 2018 ) In Article 53 for the existing entries in column 2 and column 3 the following shall be substituted- "RECEIPTS as defined by section 2 (23) for any money or other property the amount or value of which exceeds twenty rupees- (a) where such amount does not exceed ten thousand rupees. Ten rupees.

(b) where such amount exceeds ten thousand rupees but does not exceed twenty thousand rupees, Twenty rupees.

(c) where such amount exceeds twenty thousand rupees, Fifty rupees.

Exemptions Receipts- (a) endorsed on or contained in any instrument duly stamped or any instrument exempted under the provison to section 3 (instruments executed on behalf of the Government) or any cheque or bill of exchange, payable on demand acknowledging the receipt of the consideration money therein expressed, or the receipt of any principal-money, interest of annuity, or other periodical payment thereby secured; (b) for any payment of money without consideration; (c) for any payment of rent by a cultivator on account of land assessed to Government revenue; (d) for pay or allowances by non-commissioned or petty officers, soldiers, sailors or airmen of the armed forces of Pakistan/Pakistan's military, when serving in such capacity, or by mounted police-constables; (e) given by holders of family-certificates in cases where the person from whose pay or allowances the sum comprised in the receipt has been assigned as a non-commissioned or petty officer, soldier, sailor or airman, or any of the said forces and serving in such capacity; (f) for pensions or allowances by persons receiving such pensions or allowances in respect of their services as such, non-commissioned or petty officers, soldiers, sailors or airmen, and not serving the State in any other capacity; (g) given by a headman or lambardar for land-revenue or taxes collected by him; (h) given for money or securities for money deposited in the hands of any banker to be accounted for: Provided that the same is not expressed to be received of, or by the hands of, any other than the person to whom the same is to be accounted for; Provided also that this exemption shall not extend to receipt or acknowledgment for any sum paid or deposited for, or upon a letter of allotment of a share, or in respect of a call upon any scrip or share of, or in, any incorporated company or other body corporate or such proposed or intended company or body or in respect of a debenture being a marketable security.

3. Amendment in Act XXXII of 1958.- In the Punjab Motor Vehicle Taxation Act, 1958 (XXXII) of 1958), in the schedule: (a) at S.No.1, in clauses (a) and (b), in column No2, for the figure "1200", the figure "1500" shall be substituted; and (b) at S.No,4, in clause (b), in sub-clause (i) and in the proviso thereto, in column No 2, for the word "ten", wherever occurs, the word "fifteen" shall be substituted.

4. Amendments in Act XLII of 2012.- In the Punjab Sales Tax on Services Act 2012 (XLII) of 2012): (1) In section 2, after clause (9), the following new clauses (9A) and (9B) shall be inserted: "(9A)" commission" includes any consideration in whatever form, received or receivable directly or indirectly, by a person acting on behalf of another person for services rendered, not being professional services, in the course of buying or selling of goods or services or in relation to any transaction relating to any asset, valuable article or thing, not being securities; "(9B)" commission agent" means a person who acts for consideration on behalf of another person for sale or purchase of goods or provision or receipt of services, and includes any person who, while acting on behalf of another person: (a) deals with goods, services or documents of title of such goods or services; (b) collects payment in lieu of such goods of services; (c) guarantees for collection or payment for such goods or services; or (d) undertakes any activity relating to sale or purchase of such goods or provision or receipt of services.

" (2) In section 6, in subsection (1), in clause (b), after the word "movable" the words "or immovable" shall be inserted.

(3) In section 18, for subsection (1), the following shall be substituted: "(1) Notwithstanding anything to the contrary contained in this Act or any other law for the time being in force, tax in respect of a taxable service provided during a tax period shall be paid by a person at the time of filing the return in respect of that period under Chapter VI.

(4) In section 27: (1) in subsections (1) and (2), for the word "Authority" wherever occurs, the word" Commissioner" shall be substituted: and (2) for subsection (3) the following shall be substituted: "(3) The Authority may, by notification in the official Gazette, authorize any other officer to perform any of the functions under this section relating to compulsory registration of a person for any of the taxable services.

(5) In section 31, in subsection (5), for the expression "Companies Ordinance, 1984 (XLVII of 1984)", the expression "Companies Act, 2017 (XIX OF 2017)" shall be substituted.

(6) In section 32, in subsection (1), for the word "six", the word "eight" shall be substituted.

(7) In section 35, in subsection (1), the words "a designated bank or any other office specified by" shall be omitted.

(8) In section 48, in subsection (2), in the table , in columns 1 to 4, after S.No 14, the following new entries shall be inserted: "15 Where any person: (a) avoids, denies or obstructs installation of electronic invoice monitoring system at a business premises; or (b) fails to comply with the electronic invoice monitoring system or issues invoices bypassing the system.

59A Such person shall be liable to pay a penalty of up to one hundred thousand rupees, but not less than twenty five thousand rupees. In case of three acts of commission of omission, the business premises of such person may further be liable to be sealed for a period which may extend to one month.

16 Where any person: (a) causes intentional damage to or intervention in the electronic invoice monitoring system; or (b) impedes or obstructs transmission of invoice data to the Authority.

59A Such person shall be liable to pay a penalty of one hundred thousand rupees for each act of commission. In case of three acts of such commission, the business premises of such person shall be liable to be sealed for a period which may extend to one month and such person shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to one year, or with fine which may extend to the amount equal to the tax payable for the tax period to which the offence relates, or with both.

(9) In section 52, in subsections (1) and (2), for the word "five" wherever occurs, the word "eight" shall be substituted.

(10) After section 59, the following new sections 59A and59B shall be inserted:More/zsd/yuf/zqr