Latest news with #ExciseandTaxationDepartment
Business Recorder
29-05-2025
- Business
- Business Recorder
PECO factory sealed over non-payment of Rs1.9mn property tax
The Excise and Taxation Department of the Punjab government has sealed the factory premises of Pakistan Engineering Company Limited (PECO), a publicly listed company, due to non-payment of property tax amounting to Rs1.9 million. The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'The management is actively engaging with the relevant authorities to resolve the matter and ensure restoration of access to the factory offices to avoid disruption in administrative functions,' PECO said, in its filing to the bourse. PC initiates privatisation process of PECO Concerning the announcement of a Right Issue by PECO made in January 2025, the company informed that it has not proceeded with the said Right Issue due to directives issued in two separate proceedings initiated by the Securities and Exchange Commission of Pakistan (SECP). 'The SECP has restricted PECO from proceeding with the Rights Issue, citing regulatory limitations primarily due to the company's name appearing in the CIB report in relation to an overdue liability,' it said. PECO added that it is actively pursuing appropriate forums to clarify that the proposed Right Issue is 'aimed at addressing these very compliance concerns, and therefore, the restrictions should not apply in such a context'. Initially established under the name of Batala Engineering Company (BECO) in 1950, PECO produced light engineering products. Historically, the company manufactured high-quality machine tools, pumps, power looms, concrete mixers, cranes, power presses, electric motors, bicycles, steel rolled products, electricity transmission towers, structures and general fabrication. The plant was originally set up at Badami Bagh, Lahore, spanning 34 acres, with the neighbouring area subsequently converted into the steel centre of Pakistan. Due to the rapid addition of products, the land area became inadequate for further expansion and 247 acres of land were acquired in 1960 at Kot Lakhpat industrial zone, Lahore, for relocating factory premises in the future. After being taken over by the government in 1972 under the nationalisation reforms, it was rechristened Pakistan Engineering Company (PECO).
News18
06-05-2025
- Business
- News18
New Haryana Excise Policy: No Liquor Shops In Villages With Less Than 500 People
Last Updated: The newly adopted policy will be in effect from June 12, 2025 to March 31, 2027, covering a 21.5-month transitional period. In a sweeping reform of its liquor regulation framework, the Haryana Cabinet on Tuesday approved the Excise Policy for 2025–27, introducing a series of structural changes aimed at aligning excise operations with the financial year and reinforcing social responsibility. The decision was taken during a Cabinet meeting chaired by Chief Minister Naib Singh Saini. For the first time, the Excise Policy Year will coincide with the financial calendar, a move expected to streamline administration and accounting. The newly adopted policy will be in effect from June 12, 2025 to March 31, 2027, covering a 21.5-month transitional period. Thereafter, all excise policies will follow the April-to-March cycle. A revenue target of Rs 14,064 crore has been set for the financial year 2025–26. This follows a strong performance in 2024–25, during which the Excise and Taxation Department collected Rs 12,700 crore, slightly exceeding its target of Rs 12,650 crore. Among the most impactful reforms is the elimination of sub-sale centres in rural areas with populations of 500 or less. The decision, aimed at respecting public sentiment and reducing liquor access in small communities, will result in the closure of 152 such centres across the state. In another decisive move, the policy cracks down on liquor advertisements, even those within licensed premises. All forms of liquor promotion are now banned, with escalating penalties for violations: Rs 1 lakh for the first offense, Rs 2 lakh for the second, and Rs 3 lakh for the third. Continued non-compliance could lead to cancellation of the excise zone license. Urban liquor sales hours have been curtailed, with shops no longer permitted to open after 4 am, a significant shift from the previous 8 am limit. The policy also seeks to make the temporary license process more transparent and stringent. Licenses for short-term events (L-12A and L-12A-C) will now be easier to obtain, but unregistered venues, especially banquet halls in cities like Gurugram, Faridabad, and Panchkula, will face higher one-day licensing fees. This move is aimed at pushing event spaces toward formal registration and allowing better regulatory oversight. To emphasise public health and safety, it will now be mandatory for all licensed liquor outlets to display clear statutory warnings, including messages such as 'Drinking alcohol is injurious to health" and 'Do not drive after drinking alcohol." Officials said this was part of a broader effort to enhance awareness of the dangers of alcohol consumption and its connection to road safety and crime. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! First Published:
United News of India
02-05-2025
- Business
- United News of India
Haryana rises to 4th rank in gross GST collections nationwide
Chandigarh, May 2 (UNI) In a significant fiscal milestone, Haryana has ascended to the 4th position in Gross GST Collection nationwide, registering a collection of Rs 14,057 crore in April 2025. This achievement comes as India recorded its highest monthly GST collection of Rs 2.37 lakh crore during the same period. Chief Minister Nayab Singh Saini, who also holds the portfolio of Excise and Taxation Department, said that Haryana, which stood at 5th place during the financial year 2024-25, has now overtaken Tamil Nadu and Uttar Pradesh to secure the 4th rank in April 2025. The Haryana's State GST (SGST) collection reached Rs 2,492.43 crore in April 2025, registering a notable 15.70 percent growth compared to Rs 2,154.13 crore collected in April 2024. This substantial increase reflects Haryana's consistent economic performance and efficient tax administration. According to the latest data released, the top six states in Gross GST Collection for April 2025 are Maharashtra (Rs 41,645 crore), Karnataka (Rs 17,815 crore), Gujarat (Rs 14,970 crore), Haryana (Rs 14,057 crore), Tamil Nadu (Rs 13,831 crore), and Uttar Pradesh (Rs 13,600 crore). UNI GS RN
