Describing 'advance tax on stock' as "unjustified", Punjab BJP MLA and Local Bodies Minister Anil Joshi today said he has conveyed traders' sentiments to Punjab BJP Chief Kamal Sharma, requesting him to seek time with Punjab Deputy Chief Minister Sukhbir Singh Badal to press for rollback of this taxation provision.
"I have talked to Punjab BJP President Kamal Sharma and urged him to hold a meeting with Punjab Deputy CM this week in order to get 'advance tax on stock' provision withdrawn so as to save traders and industrialists from harassment," Joshi told PTI today.
Punjab Deputy CM Sukhbir Singh Badal holds Excise and Taxation portfolio.
Joshi further said that he had also talked to senior BJP leader and Punjab BJP incharge Shanta Kumar in this regard.
A delegation of more than 100 industrialists from across Punjab, including Ludhiana, Jalandhar, Amritsar Batala, Malerkotla, Phagwara today met Punjab minister Anil Joshi in Amritsar and urged him to rollback 'advance tax on stock'.
"The tax on stock provision is not justified at all. It is harassment to trading community which has been filling state coffers by paying taxes," said Joshi.
"How can one pay tax on goods which are still unsold and lying as stock with a trader," said while questioning the rationale behind bringing taxation provision.
"We will get this provision withdrawn," he said.
He also chided taxation officials for coming with this "anti-trader" taxation law.
Joshi said that Haryana and Delhi had also brought this provision which was rolled back after facing stiff opposition from industry.
Traders said that they were supposed to pay tax on estimated value added in the stock they purchased despite goods lying unsold.
Traders in Punjab have described advance tax on stock as "draconian law", imposed on traders without consulting them by Punjab Excise and Taxation Department.
However, Punjab Excise and Taxation department had rejected the charge of bringing "anti-trader" tax provision and had said it brought self declaration mode of declaring stocks by traders in order to avoid their exploitation through physical verification of stocks.
