Punjab Cabinet Approves New Agriculture Policy and Tax Amendments

The Punjab Cabinet, led by Chief Minister Bhagwant Singh Mann, has approved a new agriculture policy and various tax amendments. Key decisions include the formation of new agriculture and education policies, VAT rate increases on fuel, and changes to tax procedures for commercial vehicle owners.

The Punjab Cabinet, under Chief Minister Bhagwant Singh Mann, has greenlit a new agriculture policy aimed at enhancing farmers' welfare and augmenting food production. The decision was finalized during a Cabinet meeting at the CM's official residence on Thursday.

A spokesperson from the Chief Minister's Office emphasized that traditional agriculture in Punjab has stagnated, necessitating a robust policy to boost food production and conserve groundwater for future generations. The new policy will be developed in consultation with major stakeholders.

The Cabinet also approved an education policy focused on skill and technical education to open new employment avenues for the state's youth. This initiative aims to integrate youth into Punjab's socio-economic fabric. Additionally, the Cabinet extended the OTS III scheme for pending VAT cases, which has already generated higher revenue compared to previous schemes.

To increase government revenue, the Cabinet raised the VAT rate on diesel and petrol, and abolished subsidies for power consumers with loads exceeding 7 KW. These changes are expected to enhance state revenue by Rs 2400 to Rs 3000 crore. Furthermore, the Cabinet eased tax procedures for commercial vehicle owners, allowing them to pay lump sum taxes annually or opt for multi-year payments at a discount.

(With inputs from agencies.)