Special infrastructure development fee on petrol, diesel, property purchase in Punjab
To fund infrastructure development work in the state, the Punjab cabinet on Monday gave a go ahead to levy of ‘Special Infrastructure Development (ID) Fee’ to be deposited in the development fund of the Punjab Infrastructure Development Board (PIDB).
CHANDIGARH: To fund infrastructure development work in the state, the Punjab cabinet on Monday gave a go ahead to levy of ‘Special Infrastructure Development (ID) Fee’ to be deposited in the development fund of the Punjab Infrastructure Development Board (PIDB).
According to a government spokesperson, the special ID Fee would be imposed at the rate of Rs 0.25 per litre each on sale of petrol and diesel within the state. Likewise, special ID Fee of Rs 0.25 will also be levied for every one hundred rupees of the value of purchase of immovable property within the state. The special fee imposed would lead to creation of additional revenue streams of Rs 216.16 crore annually into the Punjab Infrastructure Development Fund (PIDF).
Likewise, the cabinet also gave approval for certain amendments in the Punjab Infrastructure (Development and Regulation) Act, 2002, through promulgation of an ordinance and thereafter introducing a bill viz. the Punjab Infrastructure (Development and Regulation) Amendment Bill, 2021 in the Punjab Vidhan Sabha. To effect the imposition of special ID Fee, an amendment to the effect would be made in the existing provision by inserting a new Section 25-A Levy of Special Fee, which stipulates: “Notwithstanding anything contained in this Act, the State Government may impose the Special ID Fee for purpose of which a special head shall be created under which the accrued Special ID Fee shall be collected and deposited to the Development Fund created under the provisions of Section 27(1).”
