« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  Chidambaram visiting Germany next month... MNCs owe government Rs 8,020-cr in taxes... » Punjab's tax base shrinking: Minister August, 25th 2007 Claiming that Punjab's tax base was "shrinking", Cooperative Minister Capt Kanwaljit Singh on Friday strongly advocated cutting government expenditure. "The tax collection through VAT in Punjab is a meagre five per cent compared to 25 to 30 per cent collected in other states", he told reporters here. "The state government's VAT collection from agriculture was 20 per cent. However, in the recent times, there had been a decline of 20 per cent in growth of paddy," he added. Expressing concern over the fiscal position of the state, Kanwaljit Singh - who was state's finance minister during the earlier regime of Badal - said, "State's tax base is shrinking". "Our industrial growth is negative...there is no big industry in the state," he said. VAT and other taxes in the state need to be rationalised, he said. However, he stressed that there was no need to burden the people of the state by levying fresh taxes. Meanwhile, Punjab's Industry minister Manoranjan Kalia suggested low rate of tax and stricter recovery methods. "The need is to give relief to tax payers and increase the volume of recovery," he added. Both the ministers were speaking at two separate functions held at same venue.