State govt to rationalise VAT on petroleum,automobiles

Announced in budget,scholarship scheme to be launched from August

Written by Express News Service | Chandigarh | Updated: April 9, 2014 3:22:04 pm

With its value added tax (VAT) on petroleum and automobiles being one of the highest in the country,the Punjab cabinet on Tuesday gave its nod to constitute a committee under the chairmanship of the chief secretary to recommend rationalisation of rates of VAT on petroleum products and automobiles. Financial commissioner revenue,principal secretary finance,principal secretary transport,financial commissioner excise & taxation,and taxation commissioner will be appointed members of the panel.

The cabinet also approved the launch of Dr Hargobind Khurana Post-Matric Scholarship scheme for meritorious students of government and Adarsh schools who score 80 per cent or more marks in class 10 examination from August. The scholarship will put an additional burden of Rs 15 crore on the state exchequer during this fiscal.

The state government had announced to fulfill the poll promise in the budget presented in March. Scholarships amounting to Rs 30,000 per annum will be disbursed to students through e-transfer at the rate of Rs 2,500 per month. Eligible students will receive appreciation letters from the CM,which will serve as a documentary proof for opening their bank accounts.

The cabinet also approved to honour three students belonging to Punjab,who had successfully scaled Mount Everest,with a cash award of Rs 5 lakh each.

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