AMENDMENTS IN THE SECOND SCHEDULE OF PUNJAB SALES TAX ON SERVICES ACT, 2012.
Punjab Revenue Authority vide its notification No. SO (TAX) 1-1/2013-14 dated 12.02.2014 has made the following amendments in the Second Schedule of the Punjab Sales Tax on Services Act, 2012 (Taxable Services):
- Services of Construction are liable to standard rate of sales tax (i.e. 16% of the value of services) instead of reduced rate of sales tax.
- Services provided by property developers are now liable to reduce rate of sales tax instead of standard rate of tax i.e. 16%. Reduced rate for these services is as under:
i) at the rate of Rs.100 per square yard for land development and;
ii) Rs.50 per square feet for building construction