FINANCE ACT, 2003
Act XI 2003)
An Act to enhance, reduce and rationalize
certain taxes, fees and duties in the Province of the
Preamble.– Whereas it is expedient to
enhance, reduce and rationalize certain taxes, fees and duties in the
Province of the Punjab;
It is hereby enacted as follows:-
1. Short title, extent and commencement.–
(1) This Act may be called the Punjab Finance Act 2003.
(2) It shall extend to the whole of the
(3) It shall come into force on the
first day of July 2003.
2. Amendment of Act II of 1899.– In
the Stamp Act, 1899 (II of 1899), in Schedule-I, in Articles 10 and 39, the
words “four thousand”, wherever occurring, shall be substituted by the words
3. Amendment of Act X of 1958.– In
the Punjab Entertainments Duty Act, 1958 (X of 1958), in section 3-A, the
following amendments shall be made:-
(1) Serial Nos.2 and 3 shall respectively be renumbered as “1.” and “2.”.
(2) In serial No.2, so renumbered, in
column 3, for the words “two hundred”, the word “fifty” shall be
4. Amendment of Act XXXII of 1958.–
In the Punjab Motor Vehicles Taxation Act, 1958 (XXXII of 1958), in the
Schedule, the following amendments shall be made:-
(1) In serial No.3–
(a) in clauses (c) and (d), in
column 3, for the figures “100/-” and “160/-”, the figures “140/-” and
“180/-”, shall respectively be substituted;
(b) in clause (e), for serial Nos. (i) and (ii)
and the entries against them, the following shall respectively be
not more than 6 persons (motor cabs)–
(1) not exceeding 1000
(2) exceeding 1000 cc but not
exceeding 1300 cc Rs.1200/-
(3) exceeding 1300 cc but not
exceeding 1500 cc Rs.2000/-
(4) exceeding 1500 cc but not
exceeding 2000 cc Rs.3000/-
(5) exceeding 2000 cc but not
exceeding 2500 cc Rs.4000/-
(6) exceeding 2500
(ii) more than 6 persons–
air-conditioned Rs.180/- per
(2) In serial No.4, for clause (b) and
the entries against it, the following shall be substituted–
“(b) seating capacity of more
than 3 persons but not more than 6 persons–
(i) with engine
power not exceeding 1000 cc Rs.
(ii) with engine power exceeding 1000 cc
not exceeding 1300 cc.
(iii) with engine power exceeding 1300 cc
not exceeding 1500 cc.
(iv) with engine power exceeding 1500 cc
not exceeding 2000 cc.
(v) with engine power exceeding 2000 cc
not exceeding 2500 cc.
(vi) with engine power exceeding 2500
5. Amendment of Act XXXIV of 1964.–
In the Punjab Finance Act, 1964 (XXXIV of 1964), in the Sixth Schedule, in
the entry against serial No.1, the word “and” shall be substituted by a
comma and after the word “Provincial” and before the word “Governments”, the
words “and Local” shall be inserted.
6. Amendment of Act XV of 1977.– In
the Punjab Finance Act, 1977 (XV of 1977), in the Second Schedule, after
serial No.3, the following new Serial No.3-A shall be added:-
“3-A. Persons engaged in the import or
export of goods who, during the preceding financial year, imported or
exported goods of the value–
Rs.1 lac but not exceeding Rs.1
(ii) exceeding Rs.
1 million but not exceeding Rs.5 million 3,000/-
(iii) exceeding Rs.5